537.730. Board--duties--rulemaking authority--subpoena power--prohibited activities.
Board--duties--rulemaking authority--subpoena power--prohibitedactivities.
537.730. 1. The general administration of, andresponsibility for, the proper operation of the fund, includingall decisions relating to payments from the fund, are herebyvested in the board of trustees.
2. The board shall determine and prescribe all rules,regulations, coverages to be offered, forms and rates to carryout the purposes of sections 537.700 to 537.755.
3. The board shall have the power to subpoena witnesses orobtain the production of records when necessary for theperformance of its duties.
4. Subject to the provisions of the constitution andsections 537.700 to 537.755, the board shall have exclusivejurisdiction and control over the funds and property of the fund.
5. No trustee or staff member of the fund shall receive anygain or profit from any moneys or transactions of the fund.
6. Any trustee or staff member accepting any gratuity orcompensation for the purpose of influencing his action withrespect to the investment of the funds of the system or in theoperations of the fund shall forfeit his office and in additionshall be subject to the penalties prescribed in section 576.020,RSMo.
7. The board shall have the authority to use moneys fromthe fund to purchase one or more policies of insurance orreinsurance to cover the liabilities of participating publicentities which are covered by the fund.
8. If such insurance can be procured, the board shall havethe authority to procure insurance covering participating publicentities and their officers and employees for amounts in excessof the amount specified by section 537.756 per occurrence forliabilities covered by the fund. The costs of such insuranceshall be considered in determining the contribution of eachpublic entity.
9. The board shall have the authority to use moneys fromthe fund to assist participating entities in assessing andreducing the risk of liabilities which may be covered by thefund.
(L. 1986 H.B. 1435 & 1461, A.L. 1993 S.B. 88)