Louisiana Revised Statutes 11:1185 – Private interest of trustees and employees in financial operation of system prohibited
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 11:1185
- Board of Trustees: means the board provided to administer the retirement system. See Louisiana Revised Statutes 11:1002
- Employee: means any person legally occupying a position as a school bus driver who actually renders a service by driving a school bus during the full time of his employment, a school janitor, a school custodian, a school maintenance employee, school bus aide, monitor or attendant, or other regular school employee who actually works on a school bus helping with the transportation of school children, and who is a legal employee of a parish or city school board of the state of Louisiana, and shall include the employees of this system. See Louisiana Revised Statutes 11:1002
- Trustee: A person or institution holding and administering property in trust.
Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of an investment made by the board of trustees, nor as such receive any pay or emolument for his service. No trustee or employee of the board shall, directly or indirectly, for himself or as an agent in any manner, use the same, except to make the current and necessary payments which are authorized by the board of trustees; nor shall any trustee or employee of the board become an endorser or surety or in any manner an obligor for moneys loaned or borrowed from the board of trustees.
Redesignated from La. Rev. Stat. 17:965 by Acts 1991, No. 74, §3, eff. June 25, 1991.