Section 100-B:8 - Trust FundI.All contributions under this chapter made by the sponsor and the members shall be held and administered by the trustee in trust for use in accordance with the plan. The responsibility for the holding and investment of the fund shall lie with the trustee. The committee shall set an investment policy to guide the trustee in the selection of the investments.II.The trustee shall hold contributions made under this chapter by the sponsor and contributions made by members upon their being forwarded to the trustee by the sponsor's treasurer in accordance with the terms of a written agreement and the trustee. The trustee shall have all rights, privileges, duties, and immunities conferred upon it by the trust agreement.III.No part of the corpus or income of the fund shall be used for, directed to, or diverted to, any purpose, subject to the payment of expenses, other than for the exclusive benefit of the members and their beneficiaries prior to the satisfaction of all liabilities under the plan; and provided further that no person shall have any interest in or right to any part of earnings or principal of the fund, or any rights to any part of earnings or principal of the fund, or any rights in, to, or under the trust agreement, except as and to the extent expressly provided in the plan and in the trust agreement.IV.Expenses of administration of the plan may be paid out of the trust fund upon direction by the committee. 1996, 211:1, eff. Jan. 1, 1997.