A board of five (5) members shall constitute a board of trustees to administer the pension fund and to designate the beneficiaries thereof. The board shall be known as the "board of trustees of the Lake Villa police pension fund".
A. Two (2) members of the board shall be appointed by the mayor. The third and fourth members of the board shall be elected from the active participants of the pension fund by such active participants. The fifth member shall be elected by and from the beneficiaries.
B. One of the members appointed by the mayor of the board of trustees shall serve for one year beginning on the second Tuesday in May after the village comes under this article. The other appointed member shall serve for two (2) years beginning on the same date. Their successors shall serve for two (2) years each or until their successors are appointed and qualified.
C. The election for board members shall be held biennially on the third Monday in April, at such place or places in the village and under the Australian ballot system and such other regulations as shall be prescribed by the appointed members of the board.
D. The active pension fund participants shall be entitled to vote only for the active participant members of the board. All beneficiaries of legal age may vote only for the member chosen from among the beneficiaries. No person shall be entitled to cast more than one ballot at such election. The term of elected members shall be two (2) years, beginning on the second Tuesday of the first May after the election.
E. Upon the death, resignation or inability to act of any elected board member, his or her successor shall be elected for the unexpired term at a special election, to be called by the board and conducted in the same manner as the regular biennial election.
F. Members of the board shall neither receive nor have any right to receive any salary from the pension fund for services performed as trustees in that office. (Ord. 97-12-2, 12-10-1997)