The Board of Directors of any nonprofit Agricultural Fair Corporation organized under the laws of the State of Oklahoma may establish a retirement pay plan for any of its employees faithfully performing his or her duties for a period of more than thirty (30) years which payments shall be considered a part of current operating expenses of said corporation and the amount of such payments and methods of making such payments shall be determined from year to year by the said Board of Directors as they may see fit.

Laws 1949, p. 5, § 1.