40-46-17. Insufficiency of pension fund to meet withdrawals - Apportioning contents of fund to pensioned persons

40-46-17. Insufficiency of pension fund to meet withdrawals - Apportioning contents of fund to pensioned persons. Whenever the sums of money in the employees' pension fund shall be insufficient to meet the demands of the withdrawals due to retirements, the board of trustees, in its judgment, shall apportion among the employees entitled to a pension such amount as is available in the pension fund.