(a) The members of the board shall elect a chair from their number; may appoint from their number such subcommittees with such powers as they shall determine; may authorize one or more of their number or any agent to execute or deliver any instrument or make any payment on their behalf; may retain counsel, employ agents, and provide for such clerical, accounting, actuarial, financial, and consulting services as they may require in carrying out the plan; and may allocate among themselves or delegate to other persons all or such portion of their duties under the plan as they, in their sole discretion, shall decide.
(b) The board shall have full power to invest and reinvest the fund in such investments as the board may from time to time approve and to hold, purchase, sell, assign, transfer, and dispose of any such investments in which the fund shall have been invested.
Structure Code of Alabama
Chapter 49A - Mobile County Municipalities.
Part 4 - Policemen's and Firemen's Pension and Relief System.
Division 7 - Administration of Plan.
Section 45-49A-63.120 - Appointment of Board.
Section 45-49A-63.121 - Elections.
Section 45-49A-63.122 - Vacancies.
Section 45-49A-63.123 - Duties of Board.
Section 45-49A-63.124 - Establishment of Rules.
Section 45-49A-63.125 - Meetings.
Section 45-49A-63.126 - Compensation and Bonding.
Section 45-49A-63.127 - Prudent Conduct.
Section 45-49A-63.128 - Maintenance of Accounts.
Section 45-49A-63.129 - Service in More Than One Fiduciary Capacity.
Section 45-49A-63.130 - Limitation of Liability.
Section 45-49A-63.131 - Indemnification.
Section 45-49A-63.132 - City Attorney to Represent Board.