General powers of Board.
Section 14
SEC. 14. General powers of Board.—For the purposes of this Act. the Board shall have the powers and privileges of a corporation, and as such may sue and be sued. The Board shall also have the power to adopt rules and regulations for the administration of the System and the transaction of its business; with the approval of the Secretary of Finance, to adopt from time to time its budget of expenditures including salaries of personnel, and to appropriate annually from the funds of the System such amount as may be necessary to meet the same; to prescribe the forms of life insurance and annuity to be issued to the members of the System, and taking into consideration the health, occupation, and age of the applicant, to fix the premium rates, conditions, and provisions thereof, whether of general or special application, and to authorize the issuance thereof when so determined: Provided, That the compulsory membership insurance shall be of general application and granted to all members without need of medical examination. These rates, regulations, and tables may be changed at any time if, in the judgment of the Board, such changes appear advisable: Provided, however, That no changes shall be made that will affect adversely any life insurance policy already issued. No member of the Board shall directly or indirectly take part in any investigation, deliberation, or proceeding when such member is an interested party or when his own application is under consideration by the Board, except in connection with loans on the security of his policy.