‏07.01 - Fire Relief By-Laws - Laserfiche WebLink

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5 Section 6- TREASURER It shall be the duty of the Treasurer to receive all monies belonging to the Association and hold them subject to the order of the President and the Board of Trustees. The Treasurer shall keep separate and distinct accounts of the General Fund and the Special Fund, and shall prepare and present to the Board of Trustees a full and detailed statement of the assets and liabilities of each fund separately prior to the annual meeting of the Association. The Treasurer shall deliver to the Treasurer's successor in office, or any committee appointed by the Board of Trustees to receive the same, all monies,books,papers, etc.,pertaining to the Treasurer's office immediately upon the expiration of the Treasurer's office. The Treasurer shall,prior to entering upon the duties of the Treasurer's office, give a bond in an amount equal to at least 10%of the assets of the Association;however,the amount of the bond need not exceed $500,000. Jointly with the Secretary,the Treasurer shall prepare and file all reports and statements required by law. ARTICLE VI-INVESTMENTS Section 1 - STANDARD OF DILIGENCE. Trustees owe a fiduciary duty to the members of the Association who are its beneficiaries,to the taxpayers of the state who help finance the plan, and to the state of Minnesota which established the plan. The Trustees shall discharge their duties in good faith and shall exercise that degree of judgment and care,under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management `1 of their own affairs, not for speculation,but for investment, considering the probable safety of their capital as well as the probable income to be derived therefrom. Section 2-INVESTMENT POLICY. The Board of Trustees shall investigate and prepare for the safe and profitable investment of Association funds in conformance with state statutes. The Special Fund assets of the Association shall be invested in securities that are authorized investments under Minn. Stat. §356A.06, subdivision 6 or 7. The Board shall have on file a copy of the investment policy of the Association. Section 3 —BROKER CERTIFICATION. The Association shall provide annually to its broker a written statement of investment restrictions from the applicable state laws and the Association's investment policy. The broker must annually submit the Broker Certification form to the Association before the Association enters or continues business with the said broker. ARTICLE VII-FUNDS Section 1 -FUNDS. All money received by the Association shall be kept in two separate funds. Disbursements from the funds shall be in accordance with Minnesota Statutes and the bylaws for the Association. Section 2-GENERAL FUND. One fund shall be called the General Fund to which shall be credited all monies received by this Association from dues, fines, initiation fees, entertainment revenues, and other miscellaneous sources not mandated by law or these bylaws. Funds may be