43:13-29 - Management and control of fund; treasurer; investments; payments - New Jersey Statutes

43:13-29.  Management and control of fund;  treasurer;  investments; payments
    The life guard pension commission shall have the management and control of the fund and may make all necessary rules and regulations not inconsistent with  this article.

    All moneys belonging to the fund shall be paid over to the city treasurer, who shall give bond in such amount, from time to time, as the governing body of  the city determines.  All moneys not needed for the immediate payment of the  pensions shall be invested by the life guard pension commission in interest  bearing bonds of the city or in other interest bearing securities in which  savings banks of this state may invest their funds.  No moneys shall be paid  out of the fund by the treasurer except upon the warrant of the life guard  pension commission, to be signed by such member or members of the commission as  shall be designated by the commission.