(a) Members of the board are subject to the provisions of chapter 19A, "Ethics," of the Montgomery County Code.
(b) Except as otherwise provided in this section, members and employees of the board must not:
(1) Be a party to any transaction engaged in by the board or an investment manager involving the assets of the retirement system;
(2) Use the gains or profits of the system for any purpose except to make investments or payments that are authorized by the board;
(3) Deal with the assets of the retirement system for their own interest or account;
(4) Act in any transaction involving the retirement system on behalf of a party whose interests are adverse to the interests of the retirement system or the interests of the members or beneficiaries of the retirement system; or
(5) Become an endorser or surety, or in any manner an obligor, for moneys loaned to or borrowed from the board.
(c) In this section, nothing prohibits a member or employee of the board from:
(1) Being a member of the retirement system;
(2) Receiving a benefit the member or employee of the board is entitled to as a member or beneficiary in the retirement system so long as the benefit is computed and paid on a basis that is consistent with the terms of the retirement system as applied to all other members or beneficiaries; or
(3) Serving as a trustee or employee of the board in addition to being an officer, employee, agent, or other representative of a party in interest. (1987 L.M.C., ch. 29, § 11.)
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