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(c) The board shall publish annually such valuation of the assets and liabilities and a statement of receipts and disbursements of the system. Section 31-219. Record of proceedings. The board shall keep a record of all of its proceedings and such record shall be open to inspection by the members. Section 31-220. To be trustee of funds; i~vestments. The board shall be the trustee of %he funds created by this Article and shall have full power to invest and re- invest such funds, subject to the limitation that no investment shall be made except upon the exercise of bona fide discretion~ in securities which, at the time of making the investment are, by law, permitted for the investment of funds by fiduciaries in this State. Subject to such limitation, the board shall have full power to hold, purchase, sell, assign, transfer or dispose of, any of the securities or investments in which any of the funds created herefn have been invested, as well as of the proceeds of such investments and any menies belonging to such funds. Section 31-221. Prohibited interest of members. No member of the board shall have any interest, direct or indirect, in %he gains or profits of any investment made by the board, save insofar as any such me~ber may be a member or beneficiary of the retirement system. No member of the board shall directly or indirectly, for himself or as an agent, in any manner use the funds or deposits of the system, except to make such payments therefrom as are authorized by the board; nor shall any member of the board become an endorser or surety or tn any manner an obligor for monies loaned by or borrowed from the board. Section 31-222. Fiscal officer; funds generally; co~ing- ling of funds with funds of Portsmouth Fire and Police retirement System. The city auditor or such other institutional custodian as may be appointed by the board shall be the custodian of all of the funds created by this Art±cle. F~r investment purposes only, the funds created by this Article may be commingled with the funds of the Portsmouth Fire and Police Retirement System; all registered securities in such commingled funds shall be registered in the name '~ity of ~ortsmou%h, Portsmouth Supplemental Retirement System" and every change in registration, by reason of sale or assignment of such securities shall be accomplished by the signature of the city auditor and securities shall be delivered by hi~ when directed so to do by resolution of the board. The custodian of the commingled ~un~s shall 10