This law explains how Missouri keeps track of money in a special fund for public organizations. All money that comes in goes into one account and can only be used for the purposes this law sets out. The money has to be kept safe in banks that meet certain rules, and the person in charge of the money has to have a bond to make sure they handle it honestly. The board tries to invest the money carefully so it can earn a return.
537.735. account, how maintained. — 1. The shall set up and maintain a Missouri risk management fund account in which shall be placed all , , and income from all sources. All property, money, funds, investments, and rights which shall belong to, or be available for expenditure or use by, the fund shall be dedicated to and for the purposes set out in sections 537.700 to 537.755 and no other. The board shall have power, in the name of and on behalf of the fund, to purchase, acquire, hold, invest, lend, , sell, , , and dispose of all property, rights, and , and enter into written contracts, all as may be necessary or proper to carry out the purposes of section 537.700 or 537.755.
2. All moneys received by or belonging to the fund shall be paid to the and ed by him to the of the fund in one or more banks or companies. No such money shall be deposited in or be retained by any bank and which does not have on deposit with the board at the time the kind and value of required by section 30.270 for depositories of the . The secretary shall be responsible for all funds, securities, and property belonging to the fund, and shall give such for the faithful handling of the same as the board shall require.
3. So far as , the funds and property of the fund shall be kept safely invested so as to earn a reasonable . The board may invest the funds of the fund as permitted by the laws of Missouri relating to the investment of the capital, , and of casualty insurance companies organized under the laws of Missouri.
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Source & history notes
(L. 1986 H.B. 1435 & 1461) Effective 6-20-86
Related Missouri laws
Board
RSMo 537.730
Insufficient contributions, assessment, abatement, deferral
RSMo 537.740
Board
RSMo 537.725
Construction of provisions
RSMo 537.745
Board, meetings
RSMo 537.720
Exhaustion of fund, claims to be prorated
RSMo 537.750
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.