Gavvy: Gov’t Code, Sec. 861.005. No Diversion of Assets.

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Sec. 861.005. No Diversion of Assets.


Sec. 861.005.  NO DIVERSION OF ASSETS.  The fund must be maintained for the exclusive benefit of members, retirees, and their beneficiaries.  At no time before the termination of the fund and the satisfaction of all liabilities with respect to members, retirees, and their beneficiaries may any part of the principal of or interest from fund assets be used for or diverted to a purpose other than the exclusive benefit of the members, retirees, and their beneficiaries.
Added by Acts 2005, 79th Leg., Ch. 803 (S.B. 522), Sec. 1, eff. September 1, 2005.

Gavvy last updated this database on: Sep 6, 2024