2020 New Mexico Statutes
Chapter 22 - Public Schools
Article 11 - Educational Retirement
Section 22-11-14 - Fund; restrictions.
A. No member of the board or employee of the board shall have any interest, directly or indirectly, in the gains or profits of any investments made by the board, except for regular salaries and per diem and mileage allowances authorized pursuant to the Educational Retirement Act.
B. No member of the board or employee of the board shall, directly or indirectly for himself or as an agent or partner for others, borrow from the fund or deposits of the board, or in any manner use the fund or deposits except to make current and necessary disbursements authorized by the board.
C. No member of the board or employee of the board shall become an endorser or surety or become in any manner an obligor for moneys loaned or borrowed by the board.
History: 1953 Comp., § 77-9-14, enacted by Laws 1967, ch. 16, § 138.
ANNOTATIONSCross references. — For compensation of members of board, see 22-11-5 NMSA 1978.
For payment of salaries and fees by board, see 22-11-10 NMSA 1978.
