Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 448]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

445

Sec. 7.3 Obligations of State: It is the intention that the payment of ( a ) the required State Contributions, (b) all benefits granted under the provisions of this System, and (c) all expenses in connection with the administration and operation thereof are made obligations of the State of Illinois to the extent specified in the provisions of this Act. Sec. 7.4 Undivided Interest: The assets of the System shall be invested as one fund, and no particular person, group of persons or entity shall have any right in any specific security or property or in any item of cash, other than an undivided interest in the whole as specified in the provisions of this Act as it now exists or is subsequently amended. Sec. 7.5 Assignments: All annuities and other benefits payable under the provisions of this Act and all accumulated credits of Employees in this System shall be unassignable and shall not be subject to execution, garnishment, or attachment. Sec. 7.6 Fraud: Any person who shall knowingly make any false statement, or shall falsify or permit to be falsified any record or records of this System, in any attempt to defraud the System, shall be guilty of misdemeanor, and shall be punishable therefor under the laws of the State of Illinois. Sec. 7.7 Reinsurance: T h e Board shall have the power at any time that it appears desirable and advantageous, to contract with any recognized and solvent legal reserve life insurance company for the payment of any benefits specified in this Act, provided such contract applies alike to all persons of the same class and does not cause any discrimination nor create conditions which will substantially limit or reduce the equity or security of any other Participant or Annuitant in the System at the time. In the event any such contracts arc entered into, the Board shall have power to certify vouchers for the payment to any such contractor out of funds belonging to this System of the amounts to be paid under such contracts. Sec. 7.8 Source of Employers Contributions and Authority to Expend: The contributions of the State of Illinois nrovided for herein shall be payable from appropriations made to the Employers subject to this Act which may be lawfully expended for such purposes. T h e Auditor of Public Accounts is hereby authorized and directed to draw warrants for such sums payable to the Treasurer of the System upon proper certification on behalf of each Employer in accordance with the Acts making such appropriations. Sec. 7.9 Separability Provisions: If any section, paragraph, sentence, or clause of this Act is, regardless of cause, held to be invalid or unconstitutional, the remaining sections, paragraphs, sentences, and clauses shall continue in full force and effect and shall be construed thereafter as being the entire provisions of this Act. Approved July 21, 1941

D W I G H T H. GREEN ELMER J. SCHNACKENBERG

Speaker,

H U G H W.

House of the

of

Rcprcsenlalivcs

Governor

CROSS

President

Senate

SENATE BILL 4 9 2 (Reported to the Board of Trustees August 5, 1941, Minutes, page 414) A N A C T to amend Section n of "An Act to regulate the civil service of the State of Illinois," approved May 11, 1905, as amended, and to add Section 36a thereto. Be it enacted Assembly: by the People of the State of Illinois, represented in the General

Section 1. Section II of "An Act to regulate the civil service of the State of Illinois," approved May 11, 1905, as amended, is amended, and Section 36a is added thereto, the amended and added sections to read as follows: