RSA 102:12 Administration of the Retirement Fund.

I. The fiscal year shall begin on July 1. All moneys collected by the board hereunder shall be forthwith remitted to the state treasurer, who shall act as custodian of the retirement fund. With the exception of such moneys as may be required for current disbursement, the state treasurer shall invest and reinvest the retirement fund in accordance with the laws governing the investments of savings banks, and further may invest and reinvest such funds in shares of cooperative banks and building and loan associations existing under the laws of this state, and of federal savings and loan associations located in this state, and may make deposits in savings banks or trust companies existing under the laws of this state or in national banks located in this state.
II. Upon the receipt