Louisiana Revised Statutes 11:1845 – Private interest of trustees and employees in financial operation of system prohibited
Terms Used In Louisiana Revised Statutes 11:1845
- board of trustees: means the board of trustees of this system. See Louisiana Revised Statutes 11:1732
- Employee: means a person including an elected official, actively employed by a participating employer on a permanent, regularly scheduled basis of at least an average of thirty-five hours per week. See Louisiana Revised Statutes 11:1732
- Trustee: A person or institution holding and administering property in trust.
Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any investment made by the board of trustees, nor as such receive any pay or emolument for his service other than reimbursement of expenses as provided in Part V. No trustee or employee of the board shall, directly or indirectly, for himself or as an agent in any manner use the same, except to make such current and necessary payments as are authorized by the board of trustees; nor shall any trustee or employee of the board of trustees become an endorser or surety or in any manner an obligor for moneys loaned or borrowed by the board of trustees.
Acts 1978, No. 788, §1; Redesignated from La. Rev. Stat. 33:7355 by Acts 1991, No. 74, §3, eff. June 25, 1991.