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collect all interest, dividends and other earnings on the assets of the Association. At each Regular Meeting of the Board of Trustees, the Treasurer shall report to the Board the names of all persons to whom benefits or pensions have been paid, and the amount paid to each, the amount of money received since the last report and the source thereof, the amount of money paid out and expended during such time and for what purpose, the amount of money on hand, and where the same is invested or deposited, and such other information as shall show the general financial condition of the Association. The Treasurer shall be the custodian of and responsible for the safekeeping of all bank books, certificates of deposit, notes, bonds, securities and other obligations for the payment of money belonging to or held in trust by the Association, and shall deliver the same and all monies and all other properties in their possession belonging to the Association to the successor in office or to any person or committee authorized to receive the same by the Board of Trustees. The Treasurer shall not be responsible for the financial losses of such investments properly made in accordance with the provisions of these Bylaws, but only for the safekeeping of the securities. The Treasurer shall, prior to entering upon the duties of the office, give a good and sufficient surety bond conditioned upon the faithful performance of the Treasurer duties and approved by the City Council in the amount received. The Council may require at any time that an additional bond be posted. Such bond shall be filed with the City Manager, and shall be paid for by the Association. The Treasurer shall furnish to the Secretary, from time to time, such information as may be required to perform the duties of the office; and shall perform such other duties as usually pertaining to the office of Treasurer as designated by the Board. Upon appointment by the Board of Trustees as provided in Section 60 hereof, the Treasurer is authorized and directed to consult with and to direct the activities of an investment agent or agency and further to authorize the investment of the funds in the name of the Board of Trustees, and in conformity with the laws of the State of Minnesota governing such investments. In fulfilling said duties, the Treasurer shall in nowise be liable for losses sustained by reason of the investment decisions of funds, except upon judicially determined gross negligence of said Treasurer. Section 26A Optional Officers - Duties If designated by the Board of Trustees, an Assistant Secretary and an Assistant Treasurer may serve the Association upon continuing Board approval. Said officers need not be a Trustee and shall not succeed as a Trustee in the absence of election and qualification. The duties of said officers shall be to assist the Secretary and Treasurer, respectively, in the performance of their duties. Section 26B Authority of Contracting Debts No Officer or member of this Association shall contract any debt for this Association unless authorized by the Board of Trustees, or pursuant to the investment authority provided in Section 60 hereof. Section 26C Appointment by Trustees In case said Relief Association be discontinued or the Treasurer should resign or be removed from office, the Board of Trustees shall elect a new Treasurer. If for good cause shown, the Board fails to elect a Treasurer, the District Court may appoint a trustee or trustees of said funds or may direct that the funds be paid to the Finance Director of the City of Roseville, to be held in trust and paid out only in accordance with these Bylaws. Section 27 Moved to 10A �