13-14b11.   Same; rules andregulations; employee benefit plans; investments in certain mutualinsurance companies; expenditures for recruitment or retention of professionalstaff; administrator contracts;board members serve without compensation; annual reports.The board of trustees shall have exclusive control of the management andoperation of the hospital and shall make and adopt such rules andregulations for the government of the hospital as may be deemed expedientfor the economical and proper conduct thereof. The board is authorized toenter into an employment contract to engage the services of an administrator ora chief executive officer to manage the affairs of the hospital and whichestablishes compensation for such services and the terms of engagement.The board of hospital trusteesis authorized to establish and fund pension and deferred compensation plans forhospital employees and to procure contracts insuring hospital employees, theirdependents, or any class or classes thereof under a policy or policies of life,disability income, health, accident, accidental death and dismemberment, andhospital, surgical and medical expense insurance. The employee's contribution,if any, to the plan and to the premium for such insurance may be deducted bythe employer from the employee's salary when authorized in writing by therespective employee. The board is authorized to invest in any mutual insurancecompany organized by an association of health care providers to which thehospital belongs, enter into contracts with such company, pay any assessmentspursuant to such contracts and arrange for the issuance of a letter of creditby any bank chartered by this state or which is a member bank of the federalreserve system. The board may also expend funds deemed necessary in therecruitment or retention of professional staff including, but not limitedto, the purchaseof professional liability insurance for such staff. No member of the board oftrustees shall receive any compensation for services. On orbefore July 15 each year, the board shall file withthe governing body of the city a written report of the management of thehospital, together with a statement of all receipts and expenditures during theyear ending June 30.

      History:   L. 1949, ch. 149, § 4;L. 1971, ch. 49, § 2;L. 1972, ch. 44, § 2;L. 1988, ch. 147, § 10;L. 1991, ch. 66, § 2;L. 2008, ch. 31, § 2; July 1.