Section 103.039 Deposit of funds — commingling of funds prohibited — executive director to be responsible, bond required.

MO Rev Stat § 103.039 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Effective 28 Aug 1992

103.039. Deposit of funds — commingling of funds prohibited — executive director to be responsible, bond required. — All moneys received by or belonging to the plan shall be paid to the executive director and promptly deposited by the executive director to the credit of the plan in one or more banks or trust companies or other financial institutions as selected by the board. No such money shall be deposited in or be retained by any bank or trust company which does not have on deposit with and for the board at the time, the kind and value of collateral required by sections 30.240 and 30.270, for depositories of the state treasurer. These moneys are funds of the plan and shall not be commingled with any funds in the state treasury. The executive director shall be responsible for all funds, securities, and property belonging to the plan and shall be provided with such corporate surety bond for the faithful handling of the same as the board shall require.

--------

(L. 1992 H.B. 1574 § 1 subsec. 17)

Previous Section

Section 103.036 Benefit trust fund account to be established by board, purpose — powers of board to carry out duties.

Next Section

Section 103.042 Board to serve without compensation — expenses authorized — board members performing duties not to suffer loss of their regular compensation.