(A) Created. There is hereby created a Police Pension Board as is provided by statute.
(B) Composition; term. The Police Pension Board shall consist of five members; two of whom shall be appointed by the Village President and two of whom shall be elected from the regular police force and one from the beneficiaries under the Police Pension Fund act as created by statute; the term of such members shall be two years as is provided by statute.
(C) Duties. The Police Pension Board shall have the powers and duties delegated to it by statute.
(`95 Code, § 33.02)