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

O.C.G.A. § 47-3-22 (2019)

Election of chairman and executive director of the board of trustees; payments by executive director of retirement system funds; surety bond required of executive director

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
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 of trustees shall elect from its membership a chairman and shall elect an executive director, who shall not be one of its members.

(b) The executive director shall be subject to the rules and regulations of the board of trustees and shall be the treasurer of the assets of the retirement system. All payments of the funds of the retirement system shall be made by the executive director and only upon vouchers signed by him and countersigned by one other person designated by the board of trustees. The executive director shall furnish the board of trustees with a surety bond issued by a company authorized to do business in this state and in such an amount as shall be required by the board of trustees. The premium on such bond shall be paid from the expense fund provided for in Code Section 47-3-47.

History

(Ga. L. 1943, p. 640, §§ 6, 7; Ga. L. 1990, p. 536, § 1.)

Annotations

OPINIONS OF THE ATTORNEY GENERAL

Executive secretary-treasurer may perform investment duties. - Executive secretary-treasurer of the retirement system is a proper and qualified member of the investment committee of the retirement system and may be delegated the authority, following a proper investment decision, to perform mechanical or ministerial duties effectuating the investment decision or transaction. 1975 Op. Att'y Gen. No. 75-66.

RESEARCH REFERENCES

Am. Jur. 2d. - 60A Am. Jur. 2d, Pensions and Retirement Funds, § 1244. 63C Am. Jur. 2d, Public Officers and Employees, §§ 91, 130, 247, 276.

C.J.S. - 67 C.J.S., Officers and Public Employees, §§ 47, 61, 236, 259 et seq., 266, 270 et seq., 313. 78 C.J.S., Schools and School Districts, § 485.