California Education Code 22253 – The board and its officers and employees of the system shall not do …
The board and its officers and employees of the system shall not do any of the following:
(a) Deal with the assets of the plan and the system in their own interest or for their own account.
Terms Used In California Education Code 22253
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(b) In their individual or in any other capacity, act in any transaction involving the system on behalf of a party, or represent a party, whose interests are adverse to the interests of the plan or the interests of the members and beneficiaries of the Defined Benefit Program, as well as participants and beneficiaries of the Cash Balance Benefit Program.
(c) Receive any consideration for their personal account from any party conducting business with the system in connection with a transaction involving the assets of the plan.
(Amended by Stats. 1998, Ch. 965, Sec. 30. Effective January 1, 1999.)