(1) The board shall:
Promulgate all necessary rules, not inconsistent with the provisions of this article, formanaging and discharging its duties and for its own government and procedure in so doing and for the preservation and protection of the fund.
Hear and decide all applications for relief, pensions, annuities, retirement, or otherbenefits under the provisions of this article. Action on such applications shall be final and conclusive; except that, when, in the opinion of the board, justice demands that said action should be reconsidered, the same may be reversed by said board.
Keep and preserve a record of actions taken by the board and of all other mattersproperly before said board.
Make an annual report to the governing body of the employer of the condition of thefund in August of each year.
The board has power to compel witnesses to attend and testify before it upon allmatters connected with the provisions of this article in the same manner as is or may be provided by law. The president of said board or any member thereof may administer oaths to such witnesses.
The board has the power to draw on the fund for the payment of expenses attributable to the administration of the fund, the payment of benefits, and for the purpose of investing all or any part of the fund as permitted by part 5 of this article.
The board may designate one or more financial institutions as custodian of the fund.Such persons shall give surety bonds in such amounts and form and for such purposes as the board requires. All moneys paid or transmitted to the custodian shall be credited to appropriate accounts in the fund and the custodian shall maintain a current inventory of all investments of the fund.
In municipalities that prescribe the composition of the board for the police officers'old hire pension fund by ordinance or charter, the board shall have such additional powers and duties as may be provided by the charter and ordinances of such municipalities.
Source: L. 96: Entire article added with relocations, p. 862, § 1, effective May 23.
Editor's note: Provisions of this section were formerly numbered as §§ 31-30-305 (4), 31-30-312 (1) and (2), 31-30-403 (3)(a), 31-30-502 (1)(b), and 31-30-615.