43:17-33 Investment of funds.

392 words·~2 min read·/nj/title-43/chapter-17/43-17-33

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

No firemen's relief association, however incorporated, shall invest its moneys in any manner, except as follows:

a. In stocks or bonds or interest-bearing notes or obligations of the United States, or those for which the full faith of the United States is distinctly pledged to provide for the payment of the principal and interest thereof;

b. In interest-bearing bonds of this State;

c. In bonds of any State of the United States that has not, within ten years previous to making the investment, defaulted in the payment of any part of principal or interest of any debt authorized by any law of that State to be contracted;

d. In stocks or bonds of any governmental entity of this State or any other state of the United States, which have been or may be issued pursuant to a law of that state, and in any interest-bearing obligations issued by a governmental entity in which the relief association is situated. No investment shall be made under this paragraph if that governmental entity has, within ten years previous to making the investment by the relief association, defaulted in the payment of any part of principal or interest of any debt authorized by the Legislature of that State to be contracted or if the total indebtedness of that governmental entity is not limited by law to ten percent (10%) of its assessed valuation;

e. (Deleted by amendment, P.L.1996, c.151).

f. (Deleted by amendment, P.L.2005, c.39).

g. (Deleted by amendment, P.L.1996, c.151).

h. In bonds, stocks, accounts or other financial instruments of any state or federal financial institutions organized and existing under the laws of the State of New Jersey or the United States of America, provided the bonds, stocks, accounts or other financial instruments are insured or guaranteed by the State of New Jersey or the United States Government, or any agency or instrumentality of either or both;

i. (Deleted by amendment, P.L.2005, c.39).

j. In any investment grade equity securities or instruments evidencing debt, including bonds or notes issued by any agency or instrumentality of the State or federal government, provided such investments have been reviewed and approved by the executive committee of the New Jersey State Firemen's Association.

All investments authorized pursuant to this section shall be in the name of the local relief association.

Amended 1953, c.75; 1996, c.151, s.28; 2005, c.39, s.5.