The state board of public welfare, or such other agency as may be authorized by law to administer old age pensions, shall cause all moneys deposited in the old age pension fund to be paid out as directed by this article and as required by statutory provisions not inconsistent with the provisions hereof, after defraying the expense of administering the said fund.

Added November 3, 1936; as amended November 6, 1956. (See Laws 1937, p. 883; Laws 1957, p. 555.)