(1) Authorize the director of finance to make periodic charges and payments from the fund only upon vouchers countersigned by the chairperson and such other person as may be designated by the board of trustees;

(2) Maintain accurate records and accounts of all financial transactions of the fund which shall be audited annually and summarized in an annual report by the comptroller. The audit costs shall be the responsibility of the fund and shall be paid from the employers' portion of the fund's reserves;

(3) Maintain suitable and adequate records to carry out the purpose of the fund; and

(4) Procure a fidelity bond of a reasonable amount for the chairperson and any other person authorized to handle money of the fund. [L 1961, c 146, pt of §1; am L 1963, c 114, §1; Supp, §5A-18; HRS §87-29; am L 1975, c 15, §1; gen ch 1993; am L 1999, c 126, §3]