There is established a municipal firemen’s pension board, to consist of the officials and persons designated by statute, being initially the mayor, who shall be the chairman of the board, the city clerk, the chairman of finance of the city council, or if there is no chairman of finance, the city treasurer, and in addition two regularly employed firemen elected pursuant to the chapters. Such board and the members, secretary, employees and agents thereof shall have and exercise all powers, duties and functions prescribed by the chapters as amended. (1961 code § 3.74.020.)