NAC287.782. Board of trustees: Restrictions.

     1. The board of trustees may not negotiate or otherwise determine the retirement benefits provided to the beneficiaries of the trust fund.

     2. A member of the board of trustees may not bind the board of trustees by word or action unless the board of trustees has, in its corporate capacity, designated such member as its agent for a specific purpose and for that purpose only.

     3. The earnings of the trust fund shall not inure to the benefit of any member of the board of trustees except that a member of the board of trustees may be a beneficiary of the trust fund through participation in his or her employer’s benefits plan.

     4. A member of the board of trustees shall not be interested, directly or indirectly, as principal, partner, agent or otherwise in any contract entered into or expenditure authorized by the board of trustees, or in the profits or results thereof.

     (Added to NAC by Com. on Local Gov’t Finance by R089-08, eff. 9-18-2008)