§ 3. Powers of the Board.

(1)

The board shall be the trustees of the retirement plan and shall have all the powers necessary to carry out and effectuate the purposes and provisions of the retirement plan including, in addition to any specific powers provided for in the plan, the power:

(a)

To administer the retirement plan, including the management of the retirement plan and making effective the provisions of the retirement plan.

(b)

To administer oaths.

(c)

To create and maintain records.

(d)

To issue subpoenas to compel the production of evidence and the attendance of witnesses in connection with any hearings or proceedings of the board, such subpoenas being enforceable, and the failure to comply therewith being punishable, as provided by the laws of the State of Florida.

(e)

To make and adopt such reasonable rules and regulations as may be necessary or convenient to carry out the duties of the board and activities of the retirement plan, including any rules and regulations necessary to preserve the status of the retirement plan as a qualified pension plan under the provisions of the Internal Revenue Code of the United States, as amended, or under successor or related provisions of law.

(f)

To designate committees and to designate committee participants, including individuals who may not be participants in the retirement plan.

(g)

To designate an executive director and deputy executive director for the retirement plan.

(2)

The board shall have the power to promulgate rules, regulations, policies and procedures in connection with the application for hearing and determination of disability pensions, to include, but not be limited to, the form of the application and the form of medical questionnaires for completion by physicians.

(3)

The board shall have the power to and shall order the drawing and issuance of warrants, drafts and checks for payment from the assets of said fund for the benefits and pensions provided for and specified to be paid under the terms and provisions of this retirement plan and for payment of expenses incident to the administration of the plan, and shall invest said fund, except for deposits in banks as hereinafter mentioned, in the name of "The Board of Trustees of the Orlando Police Pension Fund" in interest-bearing securities or obligations fully guaranteed by the government of the United States as to both principal and interest, or in such investments as are from time to time approved by the comptroller of the State of Florida for purchase by state franchised banks and banking facilities, or in such investments as may be permitted by general law.

(4)

The board shall also be authorized to invest said fund in real estate or interests in real estate wherever situated or common stocks, preferred stocks, and other types of equity instruments issued by corporations organized and existing under the laws of the United States or of the several states, and any other form of investments which are not specifically prohibited by law. The board of trustees shall be empowered to enter into an agreement, in its discretion, with an insurance company, authorized to do business in the state of Florida, for the payment of the permanent disability benefits and survivor's benefits to be paid under the terms and conditions of this retirement plan.

(5)

The board shall also be empowered to enter into an agreement, in its discretion, with a bank, trust company, savings and loan association, investment management company, or insurance company, authorized to do business in the state, for the investment, management and/or administration of pension funds and the payment of pensions as provided under the terms and conditions of this retirement plan.

(6)

The board shall be and is hereby authorized to invest more than 5 percent of its assets in the common or capital stock of any one issuing company, to invest in such a manner that the aggregate investment in any one issuing company exceeds 5 percent of the outstanding capital stock of the company, and to invest more than 30 percent of the fund's aggregate assets at cost in equity instruments; provided, however, that in order to so invest, the board shall first receive concurrence and recommendation therefor from an independent consultant professionally qualified to evaluate the performance of professional money managers, which consultant shall be retained by the board to review on an annual basis such performance.

(Laws of Fla. ch. 22414(1943), § 5; Laws of Fla. ch. 65-2025, § 2; Laws of Fla. ch. 73-572, § 2; Laws of Fla. ch. 80-562, § 1; Laws of Fla. ch. 81-452, § 1; Laws of Fla. ch. 84-492, § § 5, 16; Laws of Fla. ch. 89-458, § 2; Laws of Fla. ch. 95-482, § 3)