Missouri Laws 104.500 – Powers and duties of board — conflict of interest of members or employees ..
1. The general administration of, and responsibility for, the proper operation of the system are hereby vested in a board of trustees.
2. Subject to the limitations of law, the board shall formulate and adopt rules and regulations for the government of its own proceedings and for the administration of the system, and its decisions as to all questions of fact shall be final and conclusive on all persons except for the right of review as provided by law and except for fraud or such gross mistake of fact as to have an effect equivalent to fraud.
Terms Used In Missouri Laws 104.500
- Board of trustees: "board", or "trustees", a board of trustees as established for the applicable system pursuant to this chapter. See Missouri Laws 104.010
- Department: any department or agency of the executive, legislative or judicial branch of the state of Missouri receiving state appropriations, including allocated funds from the federal government but not including any body corporate or politic unless its employees are eligible for retirement coverage from a system pursuant to this chapter as otherwise provided by law. See Missouri Laws 104.010
- employee: shall include :
a. See Missouri Laws 104.010
- Fraud: Intentional deception resulting in injury to another.
- Interest: interest at such rate as shall be determined and prescribed from time to time by a board. See Missouri Laws 104.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: includes real and personal property. See Missouri Laws 1.020
- Subpoena: A command to a witness to appear and give testimony.
- Trustee: A person or institution holding and administering property in trust.
3. The accounts and records of any department shall be open to inspection by the board of trustees and its employees for the purpose of obtaining information necessary in the performance of the duties of said board under sections 104.010 and 104.320 to 104.800.
4. The board shall have the power to subpoena witnesses or obtain the production of records when necessary for the performance of its duties.
5. Subject to the provisions of the constitution and sections 104.010 and 104.320 to 104.800, the board of trustees shall have exclusive jurisdiction and control over the funds and property of the system and may employ and fix the compensation of necessary employees.
6. No trustee or employee of the system shall receive any gain or profit from any funds or transaction of the system, except benefits from interest in investments common to all members, if entitled thereto.
7. Any trustee or employee accepting any gratuity or compensation for the purpose of influencing his action with respect to the investment of the funds of the system shall thereby forfeit his office and in addition thereto be subject to the penalties prescribed for bribery.