104.210. Powers of board of trustees.
Powers of board of trustees.
104.210. 1. The general administration of, andresponsibility for, the proper operation of the system are herebyvested in a board of trustees.
2. Subject to the limitations of law, the board shallformulate and adopt rules and regulations for the government ofits own proceedings and for the administration of the system, andits decisions as to all question of fact shall be final andconclusive on all persons except for the right of review asprovided by law and except for fraud or such gross mistake offact as to have an effect equivalent to fraud.
3. The accounts and records of the state highways andtransportation commission, the state highway patrol, the stateauditor, and the state treasurer shall be open to inspection tothe board of trustees and its employees, for the purpose ofobtaining information necessary in the performance of the dutiesof such board under sections 104.010 to 104.270 and sections104.600 to 104.800.
4. The board shall have the power to subpoena witnesses orobtain the production of records when necessary for theperformance of its duties.
5. Subject to the provisions of the constitution andsections 104.010 to 104.270 and sections 104.600 to 104.800, theboard of trustees shall have exclusive jurisdiction and controlover the funds and property of the system and may employ and fixthe compensation of necessary employees.
6. No trustee or employee of the system shall receive anygain or profit from any funds or transaction of the system,except benefits from interest in investments common to allmembers if entitled thereto.
7. Any trustee or employee accepting any gratuity orcompensation for the purpose of influencing his action withrespect to the investment and the funds of the system shallthereby forfeit his office and in addition thereto be subject tothe penalties prescribed for bribery.
(L. 1955 p. 718 § 7, A.L. 1983 H.B. 713 Revision, A.L. 1988 H.B. 1643 & 1399)