(a) All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans.
(b) No purchase or receipt of obligations by a board of trustees shall ever be construed as a cancellation of the obligations so purchased or received.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 2 - Public Employee Retirement Plans Generally
§ 24-2-201. Permissible investments of political subdivision retirement funds
§ 24-2-202. Procedure for purchase or sale of securities
§ 24-2-203. First lien serial coupon bonds of local industrial development corporations
§ 24-2-204. Default in payment of principal or interest
§ 24-2-205. Purchase of obligations not cancellation — Trust
§ 24-2-206. Jurisdiction and custodianship of funds — Interest