1. (1) In any municipality or district that maintains a regularly organized volunteer fire department, there is created a board of trustees of the volunteer firefighter pension fund. The board:

   1. (a) Shall manage, use, and disburse moneys in the fund according to its rules and bylaws and this part 11;
   2. (b) Shall supervise and control the fund;
   3. (c) May take all necessary steps and pursue all necessary remedies to preserve the fund.

Source: L. 95: Entire part added, p. 1365, § 2, effective June 5.