(a) Established; Board of Trustees; Administration. Pursuant to authority contained in West Virginia Code 8-22-16, there is hereby established a Firemen's Pension and Relief Fund for the City, and the Board of Trustees of the Firemen's Pension and Relief Fund of the City is hereby established, to have custody of and to administer such Fund. Such Firemen's Pension and Relief Fund shall be accumulated, maintained, invested, distributed and otherwise administered and managed by the Board of Trustees for the purposes and in the manner provided by West Virginia Code 8-22-16 to 8-22-28, inclusive.
(b) The Board of Trustees of the Firemen's Pension and Relief Fund of the City shall be organized and shall have all the powers, perform all the duties and be subject to all the limitations and requirements provided therefor in West Virginia Code 8-22-16 to 8-22-28, inclusive.
(c) Amounts paid into the Firemen's Pension and Relief Fund of the City shall not be used for or diverted to any other purpose.
(d) The Board of Trustees of the Firemen's Pension and Relief Fund shall have authority to promulgate all needful bylaws, rules and regulations not inconsistent with State law, the City Charter or the Codified Ordinances for its organization and the orderly transaction of its business and administration of its affairs.
(1977 Code Sec. 7.12)