424A.06 RELIEF ASSOCIATION GENERAL FUND.
Subdivision 1. Establishment of general fund.
Any volunteer firefighters' relief association
may establish and maintain a general fund within the relief association.
Subd. 2. General fund assets and revenues.
To the general fund, if established, shall be
credited all moneys received from dues, fines, initiation fees, entertainment revenues and any
moneys or property donated, given, granted or devised by any person, for unspecified uses. The
treasurer of the relief association shall be the custodian of the assets of the general fund and shall
be the recipient on behalf of the general fund of all revenues payable to the general fund. The
treasurer shall maintain adequate records documenting any transaction involving the assets or the
revenues of the general fund. These records shall be open for inspection by any member of the
relief association at reasonable times and places.
Subd. 3. Authorized disbursements from the general fund.
Disbursements from the
general fund may be made for any purpose authorized by either the articles of incorporation
or bylaws of the relief association.
Subd. 4. Investment of assets of the general fund.
The assets of the general fund may be
invested in any securities authorized by the bylaws of the relief association and may be certified
for investment by the State Board of Investment in fixed income pools or in a separately managed
account at the discretion of the State Board of Investment as provided in section
History: 1979 c 201 s 16; 1980 c 509 s 163; 1993 c 300 s 13