There is hereby established a Board of Trustees of the Police Pension Fund of the village (Police Pension Board) to administer the pension fund and to designate the beneficiaries thereof. Said Board shall be composed of five members, a majority of whom shall be residents of the village. No member of the Board shall receive any money or other compensation from the fund as payment for services performed by such board member.
(Ord. 451-76, passed 4-20-76)