The Board of Trustees shall have the power to invest and reinvest any funds of the system subject to the restrictions imposed by law upon life insurance companies in the state. The Board shall have the power to purchase and sell all securities and investments, provided that the proceeds are used for the purpose of meeting disbursements for retirement pay and other payments as authorized in this subchapter, or for the purpose of reinvesting the funds in a more desirable manner, as heretofore provided.
(Prior Code, § 30.079)