§ 506. Board meetings; oaths of office; quorum; expenses. 1. The\nretirement board shall meet annually at Albany on a business day in the\nmonth of January to be fixed by the board and shall have stated meetings\nat the same place at least once in each three months as determined by\nthe regulations of the board.\n 2. Each member of the retirement board shall, within ten days after\nhis appointment or election, take the constitutional oath of office and\ncause the same to be filed in the office of the department of state.\n 3. A majority of the members of the retirement board shall constitute\na quorum for the transaction of any business.\n 4. The members of the retirement board shall serve without\ncompensation, but they shall be reimbursed from the expense fund for all\nactual necessary expenses and for any loss of salary or wages they may\nsuffer through serving on the retirement board.\n 5. Notwithstanding any other provision of law, the affirmative vote of\na majority of the board and the concurrence of one member of the board\nelected from among the active members of the retirement system shall be\nrequired to adopt, amend or repeal any rule or regulation relating to\nmember benefits.\n 6. Notwithstanding any other provision of law to the contrary, a\nmember of the retirement board who is elected from among the members of\nthe retirement system shall, upon his request, be granted a leave of\nabsence without pay by his employer for the period of time he serves as\na member of the retirement board. During the period of said leave of\nabsence, such member of the retirement board shall receive full credit\nin the retirement system for the period of such leave of absence. The\nprovisions of this subdivision shall not be construed as prohibiting an\nemployer at its discretion from granting a leave of absence with pay.\nThe retirement board is authorized to adopt such rules and regulations\nas it finds necessary in administering the provisions of this\nsubdivision.\n
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