Statutes > Arkansas Statutes > Title 24 - Retirement And Pensions > Chapter 2 - Public Employee Retirement Plans Generally > Subchapter 2 - Investments > § 24-2-205 - Purchase of obligations not cancellation -- Trust.

§ 24-2-205 - Purchase of obligations not cancellation -- Trust.

24-2-205. Purchase of obligations not cancellation -- Trust.

(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.