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Section 31-222. Fiscal officer; funds generally; comming- ling of funds with funds of Portsmouth Fire & 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 Article. For 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 "City of Portsmouth, Portsmouth Supplemental Retirement System" and every change in registration, by reasons of sale or assigr~ent of such securities shall be accomplished by the signature of the city auditor and securities shall be delivered by him when directed so to do by resolution of the board. The custodian of the commingled funds shall keep such records as may be necessary accurately to determine at any time the proportions of the total funds representing the funds of the Portsmouth Fire and Police Retirement System and the Portsmouth Supple- mental Ret±rement System respectively. Allocation of investment income, capital gains and losses, and expenses of administration of the cor~mingled funds among the two (2) systems shall be made by the custodian in the ratio of the amounts of the funds of the respective systems. All payments from said funds shall be made by checks issued upon orders signed by such person as is designated for the purpose by the board. No order shall be signed unless it has previously been autkorized by the board, which authorization shall be recorded on the records of the board. Section 31-229. Persons composing membership. Membership in this system as of any date after June 30, 1967, shall consist of all the employees except those who had attained their normal retirement date at the date of employment, and for all former employees who were at any time, members of the system and whose membership in the system had not been terminated under the provisions hereof. Notwithstanding anything to the contrary, no employee shall be a member of the Portsmouth Supplemental Retirement System except by making a valid election for transfer from the Portsmouth Employee Supplemental Retirement System prior to December 1, 1984; nor shall any employee hired (or rehired) on or after December 1, 1984 be included as a member. In addition, any retiree of the PESRS who, as of November 30, 1984, is employed by an employer who participates in the Virginia Supplemental Retirement System shall be transferred to this retirement system for the purpose of payments of pensions.