Section 19-8-305 - Terms of trust agreement(a) Each trust agreement shall specify the following: (2)(A) The number, qualifications, method of election, and terms of the trustees who shall serve as the governing body of the trust.(B)(i) Each trust shall have a minimum of seven (7) trustees.(ii) Only current elected officials and active or retired employees of a local government or of a local government association may serve as trustees.(iii) A majority of the trustees must be officials or employees of participants.(C)(i) Each trustee shall be elected by the participants for a term not to exceed three (3) years.(ii) The terms of office shall be staggered so that at least one-third (1/3) of the trustees are elected each year.(D) Each participant shall be entitled to one (1) vote in each election of trustees;(3) The qualifications, terms, and conditions necessary for additional local governments to become parties to the trust;(4) The terms and conditions under which local governments may withdraw as parties to the trust; provided, that any party shall have the unconditional right to withdraw upon not more than ninety (90) days' notice;(5) The permissible methods for acquiring, holding, and disposing of real and personal property used in the operation of the trust;(6) The maximum amount of funds of participants the trust may accept for investment;(7) The permissible methods to be employed in accomplishing the partial or complete termination of the trust and for disposing of property upon the partial or complete termination;(8) The terms and conditions under which the trust agreement may be amended and supplemented; and(9) Any other necessary and proper matters.(b) Each addition of a local government as a party to a trust, each withdrawal of a local government as a party to a trust, and each amendment or supplement to a trust agreement shall be evidenced by a written supplement to the trust agreement.Acts 1993, No. 583, § 5; 2009, No. 417, § 1.