Boards of trustees — Powers

The board of the fund shall have the following specific powers, together with such other powers granted elsewhere in this article as may be necessary or incidental to effectuate the purposes of this article: (1) To invest and reinvest funds held by it in accordance with Code Section 34-9-163; (2) To collect and disburse all money due or payable in accordance with this article; (3) To employ and contract with banks, corporate trustees, insurance agents, surplus lines brokers, insurers authorized to do business in this state, and approved surplus lines carriers; (4) To employ and contract with actuaries, accountants, contract administrators, and other agents and employees necessary for the operation of the fund; (5) To employ an administrator for the fund; (6) To contract with other persons or public bodies of this state for the use of services or facilities necessary, useful, or incidental to the operation of the fund; (7) To employ legal counsel; 760 34-9-158 WORKERS’ COMPENSATION 34-9-159 (8) To execute other contracts necessary or incidental to the operation of the fund; (9) To pay dividends to or levy assessments on its members; (10) To purchase bonds and insurance necessary to comply with the requirements of this article and the rules and regulations of the Commissioner; and (11) To do and perform such other and further acts, not inconsistent with this article or with other laws of this state, which may be necessary for the efficient and proper operation of the fund. (Code 1933, § 114-609a, enacted by Ga. L. 1980, p. 1686, § 1; Ga. L. 1981, p. 1759, § 1; Ga. L. 1995, p. 1201, § 7.) 34-9-159. Annual reports of affairs and operations of funds; additional periodic reports; verification of reports; compliance condition for renewal of certificates. On or before March 1 in each year after it shall have commenced to do business pursuant to a certificate of authority, every fund shall make and file with the Commissioner a report of its affairs and operations during the last preceding calendar year. This annual report shall be made in such form and shall contain such information as the Commissioner may, from time to time, by regulation, prescribe and require to protect the public interest, the interests of the members of the fund, and the interests of the employees of each member. The Commissioner may, by regulation, require such additional periodic reports as the Commissioner may from time to time prescribe as necessary or appropriate to protect the members and their employees and the public, to ensure the solvency of any fund, to inform the members of the fund, and to assure fair dealing in the investments of any fund. The Commissioner may require that the reports be verified under oath by such appropriate officers or agents as the Commissioner may designate by regulation and may require the reports to be furnished to persons or entities the Commissioner determines to have a legitimate interest therein. The Commissioner may, based upon the Commissioner’s evaluation of the condition of individual funds, exempt that fund from submitting any report, except the annual report required by this article. Compliance with this Code section shall be a condition of the renewal of a certificate of authority under Code Section 34-9-153. (Code 1933, § 114-610a, enacted by Ga. L. 1980, p. 1686, § 1; Ga. L. 1981, p. 1759, § 1; Ga. L. 1995, p. 1201, § 8.) 761 34-9-160