19-18-402. Investment of fund by trustees.
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/mt/title-19/chapter-18/part-4/19-18-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
19-18-402 . Investment of fund by trustees.
(1)Subject to the provisions of 19-18-403 , when directed by a majority vote of the members of the association, the board of trustees may invest the surplus money in the fund or any part of the surplus money in:
(a)time or saving deposits in a solvent bank, building and loan association, savings and loan association, or credit union operating in the county in which the city or town is located;
(b)bonds or other securities of the United States government; or
(c)general obligation bonds or warrants of any state, county, or city.
(2)Unless otherwise required under 19-18-403 , a change in investment type is subject to a majority vote of the board of trustees of the association.