The Mayor, the Chief of Police and a member of the Council to be appointed by the Mayor with the approval of the Council in January of each year, except the year 1942, shall constitute the Trustees of the fund. If the Mayor shall fail to appoint such Trustee, the Council shall do so at its first meeting in February. As soon as the third Trustee is appointed, the Trustees shall organize by choosing one of their number as Chairman. The City Clerk shall be Secretary of the fund and keep the minutes and other records of the Trustees. The Comptroller shall be the Treasurer of the fund and shall be the custodian of its assets and shall receive all additions thereto and make all payments or distributions therefrom. Before entering upon his duties, the Treasurer shall execute and file with the City Clerk a bond of a surety company authorized to do business in this state, in such form and amount as the Council may fix and determine and which shall be conditioned upon the faithful discharge of his duties as such Treasurer, and the premiums on which shall be payable by the fund. The Trustees and other officers of the fund shall serve without compensation for their duties as such. Unless otherwise provided, a majority vote of the Trustees shall be required for any action by them. For the year 1942 the appointment of the third Trustee of the fund shall be made at the first meeting of the Common Council after this chapter takes effect.