§88-22 System established; name. There shall be a retirement system for the purpose of providing retirement allowances and other benefits for employees. It shall have the powers and privileges of a corporation and shall be known as the "Employees' Retirement System of the State of Hawaii" and by that name may sue or be sued, transact all of its business, invest all of its funds, and hold all of its cash and securities and other property. [L 1925, c 55, §2; am imp L 1927, c 251, §§1, 2, 5; RL 1935, §7921; am L 1935, c 48, §3; RL 1945, §702; RL 1955, §6-21; HRS §88-22; am L 1969, c 110, pt of §1]