Rees v. Teachers' Retirement Board

The Teachers Retirement Board of the City of New York consists of seven members, three of whom are elected by the teachers themselves. Its object is to secure pensions to teachers on their retirement. To its funds, held by the board of trustees, and now amounting it is said to some $39,000,000, the teachers have contributed sixty per cent. As beneficiaries of ■ the trust they may appeal to the courts to prevent the misuse of the trust estate. So may a minority of the trustees.

The question before us is whether the payment of a salary to Irving Crane, claiming to be secretary to the Board,…