Sec. 27-138. Custody and administration of Soldiers, Sailors and Marines Fund.
Sec. 27-138. Custody and administration of Soldiers, Sailors and Marines
Fund. The Soldiers, Sailors and Marines Fund shall remain as established and shall be
in the custody of the Treasurer as trustee of the fund and shall be administered by the
treasurer of the American Legion. The Treasurer shall invest the fund and shall reinvest
as much of the fund as is not required for current disbursement in accordance with the
provisions of part I of chapter 32. The interest accumulations of the fund so held in trust
or so much thereof as is found necessary to carry out the purposes hereinafter stated
shall be paid, upon the order of the Comptroller, upon such statements as the Comptroller
may require, to the treasurer of the American Legion, who shall disburse the same, and
the balance of said accumulations, except for a reserve of one hundred thousand dollars
held in custody of the trustee for contingent purposes, shall at the end of each fiscal year
be added to the principal of the fund. If the interest accumulations of the fund, together
with available appropriations, if any, of other funds, are insufficient to carry out the
purposes of this part, the Finance Advisory Committee, upon recommendation of the
Governor, shall make appropriations therefor from the state General Fund, limited, however, for any fiscal year to amounts which, together with said interest accumulations
for such year, shall not exceed the annual interest on thirty-five million dollars at the
average rate of the investment yield earned during the preceding fiscal year on the
Soldiers, Sailors and Marines Fund, provided, in case of disaster constituting an emergency, as declared by the Governor, the Finance Advisory Committee may make additional appropriations to the fund without regard to such limitation. Payments to the
treasurer of the American Legion shall be made at such definite and stated periods as
are necessary to meet the convenience of the American Legion and said trustee; but
each payment shall be made upon the order of the treasurer of the American Legion,
approved by at least two of its executive officers or of a special committee thereof
thereunto specially authorized. No part of the interest accumulation of the fund shall be
expended for the purpose of maintaining the American Legion.
(1949, Rev., S. 2957; 1949, S. 1648d; 1961, P.A. 578, S. 14; February, 1965, P.A. 574, S. 33; 1969, P.A. 337, S. 1;
P.A. 74-338, S. 58, 94; P.A. 76-411, S. 2; P.A. 81-343, S. 5, 7; P.A. 97-47, S. 50; P.A. 07-187, S. 2.)
History: 1961 act provided for augmentation by finance advisory committee where funds were insufficient, with limitation; 1965 act deleted provision for augmentation of the fund by cigarettes taxes; 1969 act provided for reserve fund
of $100,000; P.A. 74-338 substituted "investment advisory council" for "investment committee"; P.A. 76-411 deleted
references to board of trustees and investment advisory council and qualified the treasurer "as trustee of said fund",
providing that the treasurer, instead of the board, administer the fund; P.A. 81-343 allowed reinvestments of moneys not
needed for current disbursement in accordance with part I of Ch. 32 rather than reinvestments "in such securities as may
be legal investments for trust funds"; P.A. 97-47 substituted "trustee" for "board of trustees"; (Revisor's note: In 2005 the
Revisors editorially deleted the apostrophe from "Marines" in name of fund); P.A. 07-187 provided that treasurer of the
American Legion, instead of State Treasurer, shall administer the fund and that State Treasurer shall invest the fund, and
made technical changes, effective June 6, 2007.
See Sec. 27-117 re disclosure of property of applicant.
Right of American Legion to take from income enough to pay for fair cost of management of fund. 97 C. 612.