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161.380 Duties of treasurer -- Custodian of securities.

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161.380 Duties of treasurer -- Custodian of securities. (1) The State Treasurer is the custodian of all cash funds of the retirement system. He shall honor and pay all vouchers drawn on the retirement funds. The Treasurer shall <br>honor and pay all vouchers drawn on the retirement funds for payment of securities <br>purchased upon order of the board. All payments from the several funds of the <br>retirement system shall be made only upon vouchers signed by the executive <br>secretary, the chairman of the board of trustees of the retirement system, or persons <br>delegated in writing by the board. (2) The board of trustees shall appoint a custodian or custodians of the securities acquired under authority of KRS 161.430 and the custodian or custodians shall be <br>responsible for the safekeeping of all securities placed in his custody. The custodian <br>shall collect dividends, interests, and payments on principal as they become due, <br>and deposit such funds with the State Treasurer for credit to the guarantee fund of <br>the system. The custodian shall, upon delivery of the securities to him, make <br>payment for same as authorized by the board of trustees. When securities are sold <br>by the board of trustees, the custodian shall deliver such securities to the purchaser <br>upon receipt of payment from said purchaser. (3) The board of trustees may require such surety from the custodian as they deem necessary for the protection of securities held by such custodian. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 495, effective July 13, 1990. -- Amended 1982 Ky. Acts ch. 414, sec. 1, effective July 15, 1982. -- <br>Amended 1974 Ky. Acts ch. 395, sec. 5, effective July 1, 1974. -- Amended 1964 <br>Ky. Acts ch. 43, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective <br>October 1, 1942, from Ky. Stat. sec. 4506b-22.