SECTIONS 50150-50153

50150.  The board shall create a retirement board of not more thanfive members, at least two members of which shall be the electedrepresentatives of the employees, to administer the retirementsystem, and shall define its powers and duties and the tenure of themembers.50151.  All members of the retirement board shall serve without pay.50152.  The retirement board shall determine the eligibility ofofficers, employees, and their dependents to participation in thesystem and shall be the sole authority and judge under suchordinances as may be adopted by the board as to the conditions underwhich persons may be admitted to and continue to receive benefits ofany sort under the retirement system, and may modify allowances forservice and disability. The determination of the retirement boardshall be final and conclusive and shall not be modified or set asideexcept for fraud or abuse of discretion.50153.  If the district maintains its own retirement fund theretirement board shall have exclusive control of the administration,investment, and disbursement of such fund. Investment of the fundshall be subject to the terms, conditions, limitations, andrestrictions imposed by the laws of this State upon savings banks inthe making of investments by savings banks, and cash may be depositedin any licensed national bank or banks in this State or in any bank,banks, or corporations authorized or licensed to do a bankingbusiness and organized under the laws of this State.