O.C.G.A.
O.C.G.A.

O.C.G.A. § 47-16-26 (2019)

Power of board to control, invest, and expend funds; gifts, grants, or bequests; deposit of funds received by the board; payment of benefits and administrative expenses

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) The board shall have control over the funds provided for in this chapter, authority to expend such funds in accordance with this chapter, and authority to invest the funds subject to all terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the ‘‘Public Retirement Systems Investment Authority Law.’’

(b) The board may take, by gift, grant, or bequest, any money, real or personal property, or any other things of value and may hold, invest, sell, or otherwise dispose of the same for the uses and purposes of the fund in accordance with this chapter.

(c) All funds received by the board shall be deposited in a special account to the credit of the board.

(d) Benefits under this chapter and all administrative expenses shall be paid from such funds.

History

(Ga. L. 1963, p. 630, § 5; Ga. L. 1982, p. 925, §§ 1, 2; Ga. L. 1987, p. 534, § 1; Ga. L. 1997, p. 966, § 3; Ga. L. 2000, p. 2, § 11.)

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1169 et seq.