Section 36-12.1-23 Improper interest in investments of board.

RI Gen L § 36-12.1-23 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

§ 36-12.1-23. Improper interest in investments of board. Except as herein provided, no member of the OPEB Board and no employee of the OPEB Board shall have any interest, direct or indirect, in the gains or profits of any investment made by the OPEB Board, nor as such directly or indirectly receive any pay or emolument for his or her services. No member of the OPEB Board or employee of the OPEB Board shall, directly or indirectly, for himself or herself or as an agent, in any manner use the gains or profits, except to make such current and necessary payments as are authorized by the OPEB Board; nor shall any member or employee of the OPEB Board become an endorser or surety or become in any manner an obligor for money loaned or borrowed from the OPEB Board. No member of the OPEB Board shall permit the OPEB System to engage in a transaction that constitutes a sale or exchange, or leasing, of any property between the OPEB System and a party in interest; a lending of money or other extension of credit between the OPEB System and a party in interest; furnishing of goods, services, or facilities between the OPEB System and a party in interest; transfer to, or use by or for the benefit of, a party in interest, of any assets of the OPEB System.

History of Section. (P.L. 2008, ch. 9, art. 4, § 3.)

Previous Section

Section 36-12.1-22 Disposition of investment earnings.

Next Section

Section 36-12.1-24 Payment of OPEB benefits.