It shall be the duty of the members of the board of trustees of the police pension fund to control and manage exclusively the pension fund established in section 6-1-10 of this code, and all such monies shall be placed by the village treasurer to the credit of the pension fund, subject to the order of the board. The board shall order and direct the payment of pensions and invest the pension funds and perform such other duties in such manner as provided by statute. (1978 Code § 2-7-6)