87.280. Trustees, employees not to have interest in contracts or money.
Trustees, employees not to have interest in contracts or money.
87.280. Except as herein provided, no trustee and noemployee of the board shall have any direct interest in the gainsor profits of any investment made by the board of trustees, noras such receive any pay or emolument for his services. Notrustee or employee of the board of trustees shall directly orindirectly for himself or as an agent in any manner use theassets of the retirement system except to make such current andnecessary payments as are authorized by the board of trustees,nor shall any trustee or employee of the board become an endorseror surety or become in any manner an obligor for moneys loaned byor borrowed from the board of trustees.
(L. 1943 p. 708 § 7, A.L. 1959 S.B. 314 § 86.564)