Section 13-636. Trustees of the exempt firemen's benevolent fund of the late city of Brooklyn

a.  Upon  the  settlement  of  the  accounts  of  the  surviving  trustees  and officers of the corporation known as the exempt
  firemen's benevolent fund of the late city  of  Brooklyn  and  upon  the
  payment  of  the  balance of the funds and assets of such corporation to
  the fire commissioner and upon  the  resignation  of  the  trustees  and
  officers of such corporation, the fire commissioner is hereby designated
  and  empowered  to  act  as  sole  trustee of such corporation. The fire
  commissioner, is hereby charged and directed to continue to  pay  relief
  donations  to  the  surviving members of the exempt firemen's benevolent
  associations of the late city of Brooklyn and to the  surviving  spouses
  of the members of such associations, as they appear upon the records now
  in  the hands of the trustees of the exempt firemen's benevolent fund of
  the late city of Brooklyn, until the decease of the last of the  members
  of such associations and of the surviving spouses of the members of such
  associations.  The  amounts  of the respective relief donations so to be
  paid the aforesaid beneficiaries  by  the  fire  commissioner,  as  such
  trustee, shall be determined by him or her on the basis of the financial
  status  of the beneficiary and the actuarial sufficiency of the funds of
  the corporation at the time. In  no  case,  however,  shall  the  annual
  relief donation to any beneficiary exceed six hundred dollars.
    b.  The  fire  commissioner,  as such trustee, is hereby empowered and
  directed to receive all moneys and assets applicable to such  benevolent
  fund  and shall deposit all such moneys and assets to the credit of such
  benevolent fund in banks or trust  companies  to  be  selected  by  such
  commissioner.  Such  fire  commissioner,  as  such  trustee,  is  hereby
  empowered and directed to  invest  the  moneys  and  convertible  assets
  applicable  to  or  belonging  to such benevolent fund in bonds or other
  securities of the city or state of New York or of the government of  the
  United States.
    c.  The  fire  commissioner, as trustee of such benevolent fund, shall
  give a bond with one or more  sureties,  in  the  sum  of  ten  thousand
  dollars  for  the  faithful  performance of his or her duties. Such bond
  shall be approved by the comptroller and shall be filed in the office of
  the comptroller.
    d. The fire commissioner, as such trustee,  shall  submit  a  verified
  report,  on  or  before  the  first day of Feburary of each year, to the
  mayor, in which report shall be set forth the  account  of  his  or  her
  proceedings  as such trustee during the twelve months from January first
  to and including December thirty-first immediately preceding,  including
  a  statement  of  all  receipts  and  disbursements  on  account of such
  benevolent fund, a list  of  the  names,  residences  and  ages  of  the
  beneficiaries  of  such  benevolent  fund  during  such  period, and the
  respective amounts paid to them in the way of  relief  donations  during
  such period.
    e.  The  clerk  of  the  fire  department  in  charge of the bureau of
  accounts and pensions shall have charge of and keep the accounts of  the
  fire commissioner as trustee of such exempt firemen's benevolent fund.
    f.  Upon  the  decease of the last of the members and of the surviving
  spouses of members of  such  associations  whose  names  appear  on  the
  records  now  in  the  hands  of  the  trustees  of the exempt firemen's
  benevolent fund of the late city of Brooklyn, the fire commissioner,  as
  such  trustee, shall prepare a final report of his or her accounts which
  shall be audited by the comptroller. After such audit  a  copy  of  such
  final  report  shall  be  filed  with the city clerk and upon the filing
  thereof and upon the payment into the New York fire  department  pension
  fund of the balance of the funds and assets of such benevolent fund then
  remaining in his or her possession, the fire commissioner shall cease to

  be the sole trustee of such exempt firemen's benevolent fund of the late
  city of Brooklyn. Such funds and assets shall thereupon become merged in
  and a part of such fire department pension fund.