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The board may employ an actuary as its technical advisor and incur such expenditures as it deems necessary for the efficient administration of the svstem, as specified by this article, within the limitations of funds provided by the council for this purpose. 17. Section 30-181 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows. Sec. 30-181. - Trustee of funds; and investments. The board shall be the trustee of the several funds created by this article and shall have full power to invest and reinvest such funds, subject to the limitation that no investment shall be authorized and made3 except; upon the exercise of bona fide discretion, in securities which, at the time of making the investment3 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 other investments in which any of the funds created herein have been invested, as well ash the proceeds of all such investments and any monies or deposits belonging to such funds of the svstem. Pursuant to the standards set forth in Section 803 of Title 51 1 of the Vir 'pia Code the board shall discharge its duties with respect to the svstem solely in the interest of the members and beneficiaries thereof and shall invest the assets of the svstem with the care skill prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterorise of like character and like aims The board shall also diversi such investments so as to minimize lame losses unless under the circumstances it is clearly prudent not to do so Upon no circumstances at any time prior to the satisfaction of all liabilities with respect to members and their beneficiaries under the trust shall any part of the trust corous or income of the svstem be used for or diverted to any puroose other than for the exclusive benefits of the members and their beneficiaries and for the reasonable administrative expenses of the svstem 18. Section 30-182 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows. Sec. 30-182. -Conflicts of interest and ~l~rohibited interests of ar members. The State and Local Government Conflict of Interests Act Code of Virginia & 2 2 3100 et se .. as the same may be amended. restated or moved from time to time Governs defining and prohibiting inappropriate conflicts and required disclosures of economic interests as they relate to the svstem and the board. In addition. to the extent not less stringent than the State and Local Government Conflict of Interests Act the restrictions in this section apply No member of the board shall have any direct or indirect interest, a=°~~+ ~° :aa:°~~~, in the gains or profits of any A-10