§ 36-8-7-3 — Creation of fund; management by board of trustees; powers and duties

(a) A firefighters' pension fund to be known as
the 1937 fund is established in each unit described by section 1(a) of
this chapter.
(b) The 1937 fund shall be managed by a board of trustees (referred
to as the "local board" in this chapter) composed of seven (7) trustees.
Two (2) trustees are the executive of the unit and the fire chief, who are
ex officio voting trustees. The other trustees are one (1) retired member
of the fire department and four (4) active members of the fire
department elected for the terms and in the manner provided in this
chapter.
(c) The local board has control of the 1937 fund of the unit. The
local board shall manage, use, and disburse the fund for the purpose
and in the manner prescribed by this chapter. The local board may
adopt and enforce bylaws that do not conflict with this chapter and are
considered necessary to enable it to achieve the purposes for which it
was organized. Each trustee shall, before entering upon the duties of
the trustee's office, take an oath to faithfully perform the trustee's
duties.
[Pre-Local Government Recodification Citations: subsection
(a) formerly 19-1-37-1 part; subsection (b) formerly 19-1-37-2 part;
subsection (c) formerly 19-1-37-2 part.]
As added by Acts 1981, P.L.309, SEC.57. Amended by
P.L.236-1996, SEC.3; P.L.127-2017, SEC.248.