The powers conferred upon the board of supervisors of the New Mexico state police [secretary of public safety] by the provisions of this act N.M. Stat. Ann. § 29-4-1 to 29-4-11 shall be possessed and may be exercised from and after the first day of July, 1939, and this act shall be in full force and effect from and after that date. The pension program authorized in this act may become operative at any time after the passage of this act upon the approval of the governor of New Mexico, the board of supervisors of the New Mexico state police [secretary of public safety] and the insurance department of the state of New Mexico.