22-11-14. Fund; restrictions.
146 words·~1 min read·
/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-14·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. No member of the board or employee of the board shall have any interest, directly or indirectly, in the gains or profits of any investments made by the board, except for regular salaries and per diem and mileage allowances authorized pursuant to the Educational Retirement Act.
B. No member of the board or employee of the board shall, directly or indirectly for himself or as an agent or partner for others, borrow from the fund or deposits of the board, or in any manner use the fund or deposits except to make current and necessary disbursements authorized by the board.
C. No member of the board or employee of the board shall become an endorser or surety or become in any manner an obligor for moneys loaned or borrowed by the board.
History: 1953 Comp., § 77-9-14, enacted by Laws 1967, ch. 16, § 138.