Section 12
SEC. 12. There is hereby constituted for the enforcement of this Act a "Pension and Investment Board," composed of the Secretary of Public Instruction, who shall be chairman, ex-officio, the Director of Education, the Insular Treasurer, the Insular Auditor, and three persons appointed by the Governor-General, two of whom shall be persons entitled to the benefits of this Act. The "Pension and Investment Board" shall during the month of July of each fiscal year submit to the Governor-General a report of operations under the provisions of this Act and shall recommend to the Governor-General for including in the Insular budget for the fiscal year to follow, a sum sufficient to pay the retirement allowances and other expenses for that fiscal year whenever the funds made available by the operation of sections eight, nine, and ten of this Act are insufficient.