All monies in said pension trust fund and said supplementary trust fund shall be deposited, administered and disbursed in accordance with the terms of this act [29-4-1 to 29-4-11 NMSA 1978] and with the terms of the pension trust agreement and supplementary trust agreement which shall be drafted pursuant to the terms of this act and shall not become effective until specifically approved by the governor of New Mexico, the board of supervisors of the New Mexico state police [secretary of public safety] and the insurance department of the state of New Mexico [public regulation commission].
History: Laws 1939, ch. 213, § 2; 1941 Comp., § 40-402; 1953 Comp., § 39-4-2.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
The name of the board of supervisors of the New Mexico state police was changed by Laws 1941, ch. 147, § 24 (compiled as 39-2-24, 1953 Comp.), to the board of supervisors of the division of courtesy and information. Laws 1977, ch. 257, § 107, repealed 39-2-24, 1953 Comp. Under former 29-2-2 NMSA 1978, the New Mexico state police board appeared to exercise the powers and functions of the former board of supervisors. Section 29-2-2 NMSA 1978 was repealed by Laws 1984, ch. 254, § 27. Pursuant to 29-2-1.1 NMSA 1978, "New Mexico state police board" or "board" now means the secretary of public safety.
Laws 1998, ch. 108, § 80 provided that references in law to the insurance board be construed to be references to the public regulation commission.
Insurance policy limits benefits paid. — An insurance policy constitutes the supplemental trust agreement referred to in this section, and this insurance policy has limits on the total amount of benefits which may be paid in any particular instance. If it is desired to have benefits for disabled policemen over and above the limits of coverage of the policy, then those benefits should themselves be the subject of a trust agreement. 1965 Op. Att'y Gen. No. 65-92.