19-2-505. Restrictions on use of funds. (1) Except as provided in this section, a member or an employee of the department or the board of investments may not:
     (a) have any interest, direct or indirect, in the making of any investment or in the gains or profits accruing from the pension trust funds;
     (b) directly or indirectly, for the member or employee or as an agent or partner of others, borrow from the pension trust funds or deposits;
     (c) in any manner use the pension trust funds except to make current and necessary payments that are authorized by the division; or
     (d) become an endorser or surety as to or in any manner an obligor for investments for the pension trust funds.
     (2) The assets of the retirement systems may not be used for or diverted to any purpose other than for the exclusive benefit of the members and their beneficiaries and for paying the reasonable administrative expenses of the retirement systems administered by the board.

     History: En. 68-1901 by Sec. 22, Ch. 323, L. 1973; amd. Sec. 5, Ch. 99, L. 1977; amd. Sec. 3, Ch. 286, L. 1977; amd. Sec. 10, Ch. 332, L. 1977; R.C.M. 1947, 68-1901(6), (7); amd. Sec. 2, Ch. 4, Sp. L. June 1986; amd. Sec. 15, Ch. 265, L. 1993; Sec. 19-3-603, MCA 1991; redes. 19-2-505 by Sec. 238, Ch. 265, L. 1993.