(40 ILCS 5/19-107)
(from Ch. 108 1/2, par. 19-107)
Board of trustees-powers-custodian of funds.
The board of inspectors of any such house of correction shall, in the
month of September immediately following the date of "The 1911 Act" going
into effect, arrange for the election of a board of trustees of said
pension fund composed of 7 members to be chosen as hereinafter provided,
which election shall be held not later than 2 months after "The 1911 Act"
goes into effect. The same board of trustees shall have power, and it shall
be its duty to administer said fund and to carry out the provisions of this
Division for the purpose of enabling such board of trustees to perform the
duties imposed and exercise the powers created by this Division. The board
of trustees shall be and is hereby created a body politic and corporate,
and said board of trustees may invest the accumulation of said funds in the
government, State, county or municipal bonds, and the city treasurer shall
be the custodian of said securities.
(Source: Laws 1963, p. 161.)