(A) There is established a Police Pension Fund to be accumulated and administered according to the provisions of the laws of the state, as provided by I.C. 36-8-6-1 et seq., and all acts amendatory thereof and supplemental thereto.
(B) This Police Pension Fund shall be governed and managed by a Board of Trustees, which is established, to be composed of seven members, whose qualifications and terms of office shall be fixed as provided by statute; and they are designated as the Mayor, the Clerk-Treasurer, the Chief of Police and four other members of the police force.
(C) The Board of Trustees may adopt rules governing their administration of the Police Pension Fund, but shall in all things conform to the statutes of the state, concerning the Police Pension Fund.
('71 Code, § 36.03)