The said pension fund commission shall have control and management of the pension fund hereafter referred to and they are hereby empowered to make rules, by-laws and regulations regarding the same not inconsistent with this act. Said commission shall have power to determine the question of dependency of the surviving beneficiaries under this act. It shall have the right to sue and be sued and to have, hold, purchase, sell, assign and transfer any of the securities in which any part of the said fund may be invested and any moneys belonging to said fund. All moneys belonging to said pension fund shall be received and paid over to the treasurer of such pension fund commission, whose official bond as town treasurer shall cover same. All moneys paid out of such pension fund shall be paid by the treasurer of said pension fund commission under warrants signed by the president and secretary of such pension fund commission, or such other officers as said commission shall designate.

L.1943, c. 189, p. 523, s. 2.