Section 45-49A-63.123 - Duties of board(a) The members of the board shall elect a chair from their number; may appoint from their number such subcommittees with such powers as they shall determine; may authorize one or more of their number or any agent to execute or deliver any instrument or make any payment on their behalf; may retain counsel, employ agents, and provide for such clerical, accounting, actuarial, financial, and consulting services as they may require in carrying out the plan; and may allocate among themselves or delegate to other persons all or such portion of their duties under the plan as they, in their sole discretion, shall decide.(b) The board shall have full power to invest and reinvest the fund in such investments as the board may from time to time approve and to hold, purchase, sell, assign, transfer, and dispose of any such investments in which the fund shall have been invested.Ala. Code § 45-49A-63.123 (1975)