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There is created in the City a municipal Firemen’s Pension Board, consisting of, ex officio, the Mayor, who shall be chairman of the Board, the City Clerk, the Director of Finance, and, in addition, two regularly employed firemen elected as provided by the statute, which Board shall have all the powers and authority provided for by the statute. [Code 1970 § 2.22.060; Code 1954 § 2-6.08.]