(A) (1) The Board of Trustees of the Police Pension Fund, shall be composed of five members, residents of the city. Two shall be appointed by the Mayor with the approval of the City Council for a term of two years each. Two shall be elected from the active police force for a term of two years.
(2) The fifth shall be a beneficiary under the Police Officers’ Pension Investment Fund, P.A. 101-610, and elected for a two year term by the beneficiaries. Terms shall end on the second Tuesday of May of each year.
(B) The Board shall invest and control the moneys in the Police Pension Fund and disburse therefrom in accordance with the statutes of the state. It is further empowered to compel witnesses to attend and testify before it, appoint a Clerk and define his or her duties, provide for the payment of all necessary expenses, and to make all necessary rules and regulations for its guidance.
(Prior Code, § 34.26) (Ord. 63-24, passed 12-16-1963)