Sec. 855.103. ADMINISTERING SYSTEM ASSETS. (a) The board of trustees may sell, assign, exchange, or trade and transfer any security in which the retirement system's assets are invested. The board may use or reinvest the proceeds as the board determines that the system's needs require.
(b) In handling the funds of the retirement system, the board of trustees has all powers and duties granted to the comptroller that formerly were granted to the State Depository Board.
Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.103 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1997, 75th Leg., ch. 891, Sec. 3.15, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle G - Texas Municipal Retirement System
Subchapter B. Powers and Duties of Board of Trustees
Section 855.101. Administration
Section 855.103. Administering System Assets
Section 855.104. Accepting Gift, Grant, or Bequest
Section 855.105. Indebtedness; Payment
Section 855.106. Grants and Payment of Benefits
Section 855.108. Designation of Authority to Sign Vouchers
Section 855.110. Adopting Rates and Tables
Section 855.111. Certification of Rates