There is hereby established a Board of Trustees, subject to the approval of the Judge of Probate Court of Columbiana County, to manage and invest the bequest of the late James Godwin to the worthy poor of the City.
Such Board of Trustees shall consist of five members to be appointed by Council, who shall serve without compensation and during good behavior.
The Board of Trustees shall give bond to the Probate Court in the sum of ten thousand dollars ($10,000) and shall have authority to appoint its President, Secretary, Treasurer and such other officers as it may deem proper.
The Board of Trustees shall render a statement to Council annually, and shall at the same time file an account with the Probate Court of Columbiana County.
(1967 Code 163.01.)