1
(3) Receive a n y consideration for his own personal account
from a n y party dealing with such fund in connection with a
transaction involving t h e assets of t h e fund.
(D) I n addition to a n y liability which h e may have under
any other provision, a fiduciary with respect to t h e fund shall be
liable for a breach of fiduciary responsibility of any fiduciary
with respect to t h e fund in t h e following circumstances:
(1) If he participates knowingly in, o r knowingly undertakes to conceal, a n act o r omission of such o t h e r fiduciary,
knowing such a c t or omission is a breach;
(2) If, by his failure t o comply with Chapter 742. of t h e
Revised Code, h e has enabled such other fiduciary t o commit a
I
breach~~or
If
he
has
knowledge
of
a
breach
by
such
other
fidu(3)
ciary, unless he makes reasonable efforts under t h e circumstances t o remedy t h e breach.
(E) Every fiduciary of t h e fund shall be bonded o r insured 1
to a n amount of not less t h a n one million dollars for loss by rea- I
son of acts of fraud or dishonesty.
I
1
See. 742.112: (A) ~ x e e a~s provided
t
in division (B) of this
section, a fiduciary shall not cause t h e POLICE AND F I R E MEN'S DISABILITY AND PENSION fund to engage in a
transaction, if he knows o r should know t h a t such transaction
constitutes a direct or indirect:
I
(1) Sale o r exchange, o r leasing, of a n y property between,
.t h e fund and a party in interest;
(2) Lending of money or other extension of credit between
the fund and a party & I N interest;
(3) Furnishing of goods, services, o r facilities between t h e
fund and a party & 1N.interest;
(4) Transfer to, o r use by o r for t h e benefit of a party 4IN
interest, of a n y assets of t h e fund; o r
(5) Acquisition, on behalf of t h e fund, of a n y employer
security or employer real property.
I
(B) Nothing in this section shall prohibit any transaction 1
between t h e police and firemen's disability a n d pension fund
and any fiduciary or party in interest if:
1
(1) All t h e terms and conditions of t h e transaction a r e ,
comparable t o t h e terms and conditions which might reasonably
be expected in a similar transaction between similar parties
who a r e not parties in i n t e r e s t c a n d
(2) The transaction is consistent with the fiduciary duties
described in Chapter 742. of t h e Revised Code.
(C) A fiduciary shall not:
(1) Deal with t h e assets of the fund i n his own interest o r
for his own account;
1
(2) I n his individual or in a n y other capacity, act in any
transaction involving t h e fund on behalf of a party (or represent 1
a party) whose interests a r e adverse t o t h e interests of t h e fund l
o r t h e interests of its participants or b e n e f i ~ i a r i e s ~ i o r
1
I
I
,
'
---
t
SECTION 13. This a c t is hereby declared t o be an emergency
m e a s u r e necessary for t h e public peace, health, a n d safety.
T h e reason for this necessity lies in t h e fact t h a t all legislation
subsequently enacted by the General Assembly m u s t be in conformity with this act. The provisions of this a c t should be
immediately effective in order not t o delay legislative consideration of other public business. Therefore, t h i s a c t shall go into
immediate effect.
-
j
,
!