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ARTICLE VIII.
TRUST AND TRUSTEE
The board at its own discretion shall appoint the trustee. The trust agreement shall
be in such form and containing such provisions as the board deems appropriate, including,
but not by way of limitation, the position with respect to the liability of the trustees,
the authority of the board to settle the accounts of the trustee on behalf of all
persons having interest in the trust and from time to time shall appoint a new trustee
in place of any then acting trustee. With respect to any payment to or for the benefit
of any employee or beneficiary under the system the trustee shall follow the directions
of the board.
When entered into, the trust agreement shall be deemed to form a part of the system
and any and all rights to benefits which may accrue to any person under the system
shall be subject to all the terms and provisions of the trust agreement. A trust fund
shall be established under the terms of said trust agreement and all employee contributions
and city contributions shall be paid into the system and the trustee shall be authorized,
subject to the direction of the board, to administer such fund, investing and reinvesting
the fund in any investments which are legal investments for insurance companies under
the laws of this state, as the same may now or hereafter provide.
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(1972 Ga. Laws (Act No. 1457), page 3822, § 10; Ord. No. O-12-0073, § 1(Exh. A), 9-4-12) |
