A board, composed of five (5) members, residents of the city, to be chosen as hereinafter provided, shall be and constitute a board of trustees to provide for the disbursement of said fund and designate the beneficiaries thereof as herein directed, which board shall be known as the board of trustees of the police pension fund of the city. Two (2) of said board shall be appointed by the mayor and shall serve for a period of two (2) years each, or until such time as their successors are appointed and qualified. The third and fourth members of the board shall be elected from the regular police force by the active members. The fifth member shall be elected from the beneficiaries under the provisions of this chapter by such beneficiaries. The members to be elected shall be elected by ballot for a term of two (2) years, beginning on the second Tuesday of May after said election, at a regular election, as aforesaid, at which election all members of the regular police force shall be entitled to vote for the police force members of the board and all beneficiaries of lawful age shall be entitled to vote for the member chosen from among the beneficiaries. The election provided for in this section shall be held biennially on the third Monday in April, under the Australian ballot system, at such place or places in the city, under such regulations as shall be prescribed by the appointed members of said board; provided, however, that no person entitled to vote, under the provisions of this chapter, shall cast more than one ballot at any such election. In the event of the death, resignation or inability to act of any member of said board, elected under the provisions of this section, the successor of such member shall be elected for the unexpired term at a special election, which shall be called by said board and shall be conducted in the same manner as are the annual elections provided for above. Suitable rooms for offices and meetings of such board shall be assigned by the council. (R.O. 1959, Ch. 32, Sec. 3)