(1) In any municipality or district that maintains a regularly organized volunteer fire department, there is created a board of trustees of the volunteer firefighter pension fund. The board:
(a) Shall manage, use, and disburse moneys in the fund according to its rules and bylaws and this part 11;
(b) Shall supervise and control the fund;
(c) May take all necessary steps and pursue all necessary remedies to preserve the fund.
Source: L. 95: Entire part added, p. 1365, � 2, effective June 5.