(a) The pension board and any investment manager it appoints are authorized to invest and reinvest the funds of the system in all classes and forms of bonds, mortgages, common and preferred stocks, shares of investment companies or mutual funds, or any other investment. The pension board is further authorized to hold, purchase, sell, assign, transfer, and dispose of any investment in which the funds of the system previously have been invested as well as the proceeds thereof. (b) No member or employee shall have any direct interest in the gains or profits of any investment made by the pension board nor shall any member or employee become an endorser or surety or act in any manner as an obligor for moneys loaned to or borrowed from the pension board.
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