Any municipality having a Police Pension and Retirement Fund prior to January 1, 1981, shall transfer all assets of such fund to the State Board on January 1, 1981. Assets shall be transferred in the form of cash, negotiable securities and such other specific assets as permitted by the State Board.
Added by Laws 1980, c. 356, § 37, eff. Jan. 1, 1981. Amended by Laws 1985, c. 221, § 11, emerg. eff. July 8, 1985.