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Section 31-206. Protection against fraud. Any person who shall knowingly make any false statement or shall falsify or permit to be falsified any records of the system in any attempt to defraud the system shall, upon conviction thereof, be punished as provided ~n Section 1-9. Section 31-207. Alteration, amendment or repeal. (a) The Council reserves the right to alter, amend or repeal any provision of this Article, or any application thereof to any person; provided, however, that the amount of benefit which at the time of any such alteration, a~endment or repeal shall have accrued to the extent provided under subsec- tion (c) of this seotion for the members or beneficiaries shall not be affected thereby. (b) If the Council repeals the provisions of this Article, the Board shall continue to administer the system in accordance with the provisions of this Article for the sole benefit of the then ~embers, any beneficiaries then entitled to receive bene- fits here~nderr and any future beneficiaries who become en- titled to receive benefits under the joint and last survivor option provided for'in this Article. (c) In the even% of repeal as provided i~ subsection (b) of this section the assets of the system shall be allocated by the Board in an equitable manner to provide benefits for the per- sons designated in subsection (b) of this section ix accordance with the provisions of this Article, in the following order: (1) For the benefit of the then members not yet retired to the extent of their accumulated eontribu%iens, if any. If any funds remain, then (2) For the benefit of the re~ired members and the then beneficiaries entitled to receive benefits hereunder and beneficiaries already designated under the joint and last surviver option provided for in ~his Article by the then retired members to t~e extent of the then actuarial value of their ~etirement allowances. If any funds remain, then (3) For the benefit of members not then retired and bene- ficiaries, if any, designated by the members under the joint and last survivor option prov±ded for in this Article, to the extent, not p~ovided under paragraph (ll above, of the then actuarial value of accrued retirement allowances, based on years of creditable service and average final compensation as of the date of repeal. The allocation under this paragraph (3) shall be on the basis o~ the oldest ages first method.