West Virginia Code 18-7A-21 – Misuse of funds; penalties
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No member nor employee of the retirement board, for himself or as an agent or partner of others, or for a corporation of which he is an officer, stockholder or member, shall directly or indirectly borrow any of the funds or deposits of the retirement board or in any manner use such funds except to make such payments as are authorized by the board under this article. Any member or employee violating the provisions of this section shall be guilty of a misdemeanor, and, upon conviction, be fined not more than $1,000 or be imprisoned for one year, or both.
Terms Used In West Virginia Code 18-7A-21
- board: means a county board of education. See West Virginia Code 18-1-1
- Conviction: A judgement of guilt against a criminal defendant.
- 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.
- Member: means any person who has accumulated contributions standing to his or her credit in the State Teachers Retirement System. See West Virginia Code 18-7A-3
- Retirement board: means the Consolidated Public Retirement Board created pursuant to §. See West Virginia Code 18-7A-3