40 ILCS 5/ Illinois Pension Code.

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40 ILCS 5/22-231

(40 ILCS 5/22-231) (from Ch. 108 1/2, par. 22-231)

Sec. 22-231.

Discontinuance of fire insurance patrol - Trustees of fund.

If the Board of Underwriters of any such city, village or incorporated
town, at any time after creating a pension fund as provided in the Fire
Insurance Patrolmen's Pension Fund Act of the Illinois Municipal Code or
this Division, shall discontinue the operation or sustaining of a paid fire
insurance patrol, the persons constituting the Board of Trustees of such
pension fund shall continue as such trustees until the second annual
meeting of the Board of Underwriters following the effective date of
discontinuing the operation of the paid fire insurance patrol. At the
second annual meeting of the Board of Underwriters following the
discontinuance of a paid fire insurance patrol, trustees shall be selected
composed of the president, secretary and treasurer of the Board of
Underwriters, and 4 trustees to be appointed by the President of the Board
of Underwriters and confirmed by the directors of the Board of
Underwriters, all of whom shall be officers of insurance companies who are
or have been contributors to the Patrolmen's Pension Fund. All of such
trustees shall have their principal place of business in the city, village
or incorporated town in which the Board of Underwriters has its principal
office. The president, secretary and treasurer of the Board of
Underwriters, acting as trustees, shall continue as trustees during their
respective terms of office as officers of the Board of Underwriters. The 4
trustees appointed by the President of the Board of Underwriters shall
serve for terms of 2 years and until their successors are appointed and
confirmed. Vacancies occurring by reason of death, disability or
resignation of a trustee shall be filled in the same manner in which the 4
trustees, not officers of the Board of Underwriters, are selected.

(Source: Laws 1963, p. 161.)

40 ILCS 5/22-232

(40 ILCS 5/22-232) (from Ch. 108 1/2, par. 22-232)

Sec. 22-232.

Discontinuance of fund.

If the Board of Underwriters of any such city, village or incorporated
town, at any time after creating a pension fund as provided in the Fire
Insurance Patrolmen's Pension Fund Act of the Illinois Municipal Code or
this Division shall discontinue the operation or sustaining of a paid fire
insurance patrol and shall thereafter determine that there is, and if in
fact there is, no person entitled to receive a benefit, pension or payment
thereunder, and that there is no person eligible to receive, or who may
become eligible in the future to receive such benefit, pension or payment
thereunder, then the Board of Underwriters, with the consent of the Board
of Trustees of the patrolmen's pension fund, may terminate the pension fund.

Thereupon the treasurer of the pension fund, upon the order of the Board
of Trustees, shall refund and pay to all members of the uniformed force of
the firemen's insurance patrol in the service at the time of such
discontinuance of the operation or sustaining of such fire insurance
patrol, from the pension fund, such sums of money as they have actually
contributed to the pension fund, if there shall then be sufficient money in
the fund to pay the same.

If there be not sufficient money then in the fund to make refund of such
payments in full, then such reimbursement shall be made to each of such
members in such equal proportion as the funds available shall be sufficient
to make. After such refund of all such payments has been made as aforesaid,
all moneys, securities and property of every kind in or belonging to the
pension fund shall be turned over to the Board of Underwriters, as and to
become the sole property of the Board of Underwriters, for its own sole use
and benefit.

(Source: Laws 1963, p. 161.)