The Board of Trustees of the Police Pension Fund shall consist of five members, two appointed by the Village President, two elected by members of the Police Department and one elected by the beneficiaries of the Pension Fund. The election shall be held biennially on the third Tuesday in April under the Australian ballot system, and the term of each member shall be two years, as is provided by law. The Pension Board shall meet at least quarterly as provided by law and shall hold such additional meetings as may be called by the President of the Board of Trustees of the Police Pension Fund.
(`70 Code, § 17-22)