Section 13-202. Board of trustees

a.  The  police pension fund shall be
  administered by  a  board  of  trustees  which  shall,  subject  to  the
  provisions  of  law  and to the prior approval of the board of estimate,
  from  time  to  time,  establish   rules   and   regulations   for   the
  administration  and transaction of the business of such fund and for the
  control and disposition thereof. Such board shall consist of:
    1. The police commissioner who shall be chairperson of the  board  and
  who shall be entitled to cast one and one-half votes.
    2.  The  comptroller of the city who shall be entitled to cast one and
  one-half votes.
    3. A representative of the mayor who shall be appointed by  the  mayor
  and who shall be entitled to cast one and one-half votes.
    4.  The  commissioner  of finance of the city who shall be entitled to
  cast one and one-half votes.
    5. The president of the patrolmen's benevolent association of the city
  of New York who shall be entitled to cast one vote.
    6. The first vice-president of the patrolmen's benevolent  association
  of the city of New York who shall be entitled to cast one vote.
    7. The second vice-president of the patrolmen's benevolent association
  of the city of New York who shall be entitled to cast one vote.
    8.  The  chairperson  of  the  board  of  trustees  of the patrolmen's
  benevolent association of the city of New York who shall be entitled  to
  cast one vote.
    9.  The president of the captains' endowment association of the police
  department of the city of  New  York  who  shall  be  entitled  to  cast
  one-half vote.
    10.  The  president of the lieutenants' benevolent association, police
  department, city of New York who shall  be  entitled  to  cast  one-half
  vote.
    11. The president of the sergeants' benevolent association of the city
  of New York who shall be entitled to cast one-half vote.
    12. The president of the detectives' endowment association of the city
  of New York who shall be entitled to cast one-half vote.
    b.  Every  act  of  the board of trustees shall be by resolution which
  shall be adopted only by a vote of at least seven-twelfths of the  whole
  number  of  votes  authorized  to  be cast by all of the members of such
  board.
    c. The board of trustees shall receive all moneys applicable  to  such
  fund  and deposit the same to the credit of such fund, in banks or trust
  companies to be selected by it, and continue to receive and deposit  the
  funds  applicable  to the same, as received, to the credit of such fund,
  or to invest the same in obligations issued by the  city  of  New  York,
  obligations issued by the state of New York or obligations issued by the
  United  States  of  America,  as  such  board  of trustees may deem most
  advantageous for the object of such fund, and  such  board  of  trustees
  shall  have  the  power to make all necessary contracts, and to take all
  necessary remedies in the premises.
    d. The police commissioner shall assign to the  board  of  trustees  a
  sufficient  number  of clerical and other assistants to permit the board
  efficiently to exercise its powers and to perform its duties.
    e. On or before the first day of September of each year the  board  of
  trustees shall make a detailed verified report to the mayor.
    f.  Any  member  of  the board, referred to in paragraphs five through
  twelve, respectively, of subdivision a  of  this  section,  shall  be  a
  member  of  the uniformed force and may authorize in writing at any time
  any other officer of the respective associations to represent him or her
  on such board in the event  of  his  absence  or  disability,  provided,
  however,   that   the   by-laws   or  constitution  of  such  respective

  associations provide for the designation of  a  representative  in  such
  event.
    g. Notwithstanding any other provision of law to the contrary, on July
  first,  nineteen hundred ninety-five, and duties and responsibilities of
  the board of trustees of administering the provisions of this subchapter
  shall be transferred in accordance with the provisions of subdivision  f
  of  section  13-213.1 of this subchapter to the board of trustees of the
  police pension fund provided for in subchapter two of this chapter.