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Sec. 1120.  Purchases of Real Property.
 
   (a)   Real Estate Held in Board Name.  Notwithstanding the provisions of Sections 105 and 385 of the Charter, title to any real property or interest in real property shall be held in the name of the applicable board and any real property or interests owned by a board may be sold, leased, or encumbered by the board.
 
   (b)   Board Names for Real Estate Purposes.  The pension and retirement boards shall hold real property in the following names:
 
   Board of Fire and Police Pension Commissioners of the City of Los Angeles
 
   Board of Administration of the Los Angeles City Employees’ Retirement System
 
   Board of Administration of the Water and Power Employees’ Retirement Plan of the City of Los Angeles
 
   (c)   Voting Procedure for Real Estate Investments. Any purchase of real property by a pension or retirement board shall require approval by a majority vote of all its members but one of the affirmative votes must be cast by an elected employee member of the board.