Section 13-316. Board of trustees

a. A board of trustees shall be the head
  of the New York  fire  department  pension  fund  subchapter  two,  and,
  subject  to the provisions of law and to the prior approval of the board
  of estimate, from time to time shall 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 fire commissioner who shall be chairperson of the board and who
  shall be entitled to cast three votes.
    2.  The  comptroller  of  the city who shall be entitled to cast three
  votes.
    3. A representative of the mayor who shall be appointed by  the  mayor
  and who shall be entitled to cast three votes.
    4.  The  commissioner  of finance of the city who shall be entitled to
  cast three votes.
    5. The president of the uniformed firefighters' association of greater
  New York who shall be entitled to cast two votes.
    6. The vice-president of the uniformed  firefighters'  association  of
  greater New York who shall be entitled to cast two votes.
    7. The treasurer of the uniformed firefighters' association of greater
  New York who shall be entitled to cast two votes.
    8.  The  chairperson  of  the  board  of  trustees  of  the  uniformed
  firefighters' association of greater New York who shall be  entitled  to
  cast two votes.
    9.  Three elected members of the executive board of the uniformed fire
  officers' association of the fire department, city of New York, of  whom
  one  shall  be an officer of the said department with rank above that of
  captain and shall be entitled to cast  one  vote;  another  shall  be  a
  captain  of  the said department and shall be entitled to cast one vote;
  another shall be a lieutenant  of  the  said  department  and  shall  be
  entitled to cast one and one-half votes.
    10.  The  president  of  the  uniformed  pilots  and  marine engineers
  association, fire department, city of New York, who shall be entitled to
  cast one-half vote.
    11. (i) Where, during any six-month period during a  fiscal  year,  as
  defined  in  subdivision three of section 13-382 of the code, the equity
  portion of the assets of  the  pension  fund  is  less  than  forty-five
  percent,  subparagraph  (ii) of this paragraph eleven shall be effective
  during the succeeding fiscal year.
    (ii) Two investment representatives, one of whom shall be appointed by
  the mayor and one of whom shall be appointed by the comptroller upon the
  occurrence of the  condition  specified  in  subparagraph  (i)  of  this
  paragraph eleven. Each such representative shall be entitled to cast two
  votes only in relation to determinations of the board:
    (A)  as to whether the assets of the pension fund shall be invested in
  equities or fixed income securities and the proportion of the assets  of
  the pension fund to be invested in equities and fixed income securities;
  and
    (B)  as to the identity, nature, character and amounts of the equities
  (within  the  proportion  as  determined  under   item   (A)   of   this
  subparagraph) to be acquired, held, sold, disposed of or otherwise dealt
  with by the pension fund; and
    (C)  as  to any steps necessary to effectuate any of the functions set
  forth in items (A) and (B) of this subparagraph; and
    (D) as to delegation by the board, pursuant to law, of  the  functions
  described in items (A), (B) and (C) of this subparagraph.
    b. Subject to the provisions of subdivision b-1 of this section, 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.
    b-1.  Every act of the board of trustees in relation to the investment
  matters referred to in paragraph  thirteen  of  subdivision  a  of  this
  section  shall be by resolution which shall be adopted only by a vote of
  at least eight-fourteenths of the whole number of votes authorized to be
  cast by all of the members of  the  board  empowered  to  vote  on  such
  investment matters.
    c.  The  fire  commissioner  shall  assign  to the board of trustees a
  sufficient number of clerical and other assistants to permit  the  board
  efficiently to exercise their powers and to perform their duties.
    d. Any member of the board referred to in paragraphs five, six, seven,
  eight  and ten, respectively, of subdivision a of this section, shall be
  members 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  or  her absence or disability,
  provided, however, that the by-laws or constitution of  such  respective
  associations provide for designation of a representative in such event.