(1) The general supervision, management, and control of the police officers' old hire pension fund shall be vested in a board of trustees.
In any municipality having a population of less than one hundred thousand, unless itis a home rule city or town that provides for the composition of the board by charter or ordinance, the board shall consist of the mayor, the municipal treasurer, the clerk, and one active old hire member of the police department who shall be elected by the active old hire members of the department; except that, if there are no active old hire members available or willing to serve on such board, such board shall consist of the mayor, the municipal treasurer, and the clerk. Said board shall select from their number a president and a secretary. The municipal treasurer shall be ex officio treasurer of said board and custodian of all funds coming into the treasurer's hands.
In any municipality having a population of at least one hundred thousand, the boardshall consist of such persons or officials as may be designated by the charter and ordinances thereof.
The treasurer of the board, in addition to any custodian appointed by the board pursuant to section 31-30.5-204 (4), shall be the custodian of the fund, shall secure and safely keep the same, subject to the control and direction of the board, and shall keep books and accounts concerning said fund in such manner as may be prescribed by the board. The books and accounts shall always be subject to the inspection of the board, any member thereof, or any other interested person. Said treasurer, upon expiration of the treasurer's term of office, shall surrender and deliver to the treasurer's successor all bonds, securities, and unexpended moneys or other property that came into the treasurer's hands as treasurer of the fund. The treasurer shall be required to supply bond in an amount designated by the board and paid for by the fund.
Source: L. 96: Entire article added with relocations, p. 861, § 1, effective May 23.
Editor's note: Provisions of this section were formerly numbered as §§ 31-30-304, 3130-305 (1), and 31-30-612.