§ 508. Investment of funds; interest; accounts; reports. 1. The\nmembers of the retirement board shall be the trustees of the several\nfunds created by this article, and shall determine from time to time\nwhat part of the moneys belonging to the retirement system shall be\ninvested. When such board shall determine upon the investment of any\nmoneys or upon the conversion or sale of any securities, it shall, by\nresolution duly adopted by a majority vote of the members of the board,\ndirect the custodian to so invest the moneys or convert or sell the\nsecurities. Investments shall be made only in securities in which the\ntrustees of a savings bank may invest the moneys deposited therein as\nprovided by law except that the retirement system shall have the\nauthority to own any of its nominee corporations organized pursuant to\nsubdivision seventeen of this section. It shall be the duty of the\ncustodian to collect the interest thereon as the same becomes due and\npayable and also the principal thereof and place the same when so\ncollected to the credit of the retirement system.\n 2. The retirement board shall annually allow regular interest on the\nmean amount for the preceding year in each of the funds created by this\narticle, excepting the expense fund. The amount so allowed shall be\npayable to said funds and shall be annually credited thereto by the\nretirement board. All interest earned upon the entire amount of the\nfunds belonging to the retirement system shall be used for this purpose,\nunless the amount so earned is in excess of the requirements, in which\ncase the excess amount shall be credited to the pension accumulation\nfund. Any deficiency in the amount required to cover the interest\nrequirements of the funds, exclusive of the pension accumulation fund,\nshall be paid from the pension accumulation fund.\n 3. Except as herein provided, no member nor employee of the retirement\nboard shall have any interest direct or indirect in the gains or profits\nof any investment made by the board nor as such directly or indirectly\nreceive any pay or emolument for his services. And no member nor\nemployee of the said board directly or indirectly, for himself or as an\nagent or partner of others, nor a corporation of which he is an officer,\nstockholder or member, shall borrow any of its funds or deposits or in\nany manner use the same except to make such current and necessary\npayments as are authorized by the board; nor shall any member or\nemployee of said board become an endorser or surety or become in any\nmanner an obligor for moneys loaned by or borrowed of the board. Nothing\nherein contained shall be construed to prevent a member or an employee\nof the retirement board, who is also a member of the retirement system,\nfrom borrowing from his accumulated contributions in the retirement\nsystem in accordance with section five hundred twelve-b of this article.\n 4. The retirement board shall provide for maintenance of an individual\naccount with each member showing the amount of the member's\ncontributions and the interest accumulations thereon. It shall report\nannually to each member who has furnished the board with a mailing\naddress the accumulated contributions credited to such account together\nwith the amount of service then credited to the member. It shall collect\nand keep in convenient form such data as shall be necessary for the\npreparation of the required mortality and service tables, and for the\ncompilation of such other information as shall be required for the\nactuarial valuation of the assets and liabilities of the various funds\ncreated by this article. Upon the basis of the mortality and service\nexperience of the members and beneficiaries of the system, the\nretirement board from time to time shall adopt the tables to be used for\nvaluation purposes and for determining the amount of annuities to be\nallowed on the basis of the contributions of members.\n 5. At such time as the retirement board m
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