Ohio Code 742.111 – Prohibited business transactions
The Ohio police and fire pension fund shall make no investments through or purchases from, or otherwise do any business with, any individual who is, or any partnership, association, or corporation that is owned or controlled by, a person who within the preceding three years was employed by, an officer of, or a board member of the fund, or in which a person who within the preceding three years was employed by, an officer of, or a board member of the fund, holds a fiduciary, administrative, supervisory or trust position, or any other position in which such person would be involved, on behalf of the person’s employer, in decisions or recommendations affecting the investment policy of the fund, and in which the person would benefit by any monetary gain.
Terms Used In Ohio Code 742.111
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Employer: means the government entity by which an employee is employed and paid. See Ohio Code 742.01
- Member of the fund: means any person, except an other system retirant as defined in section 742. See Ohio Code 742.01
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59