action of business. Subject to the control of the Trustees 

 of said Corporation, and to the rules hereby prescribed, 

 the said Pension Board shall administer, invest and dis- 

 burse the said Pension Fund. The said Pension Board 

 shall elect from its members a Chairman and Secretary. 

 It may also adopt regulations, not inconsistent with these 

 rules, for the safe-keeping, investment and administra- 

 tion of said Pension Fund and the disbursing thereof. 

 The treasurer of the Corporation shall, ex officio, be the 

 treasurer of the Pension Board. 



Pension § 3. The said Pension Fund shall consist of contri- 



butions to be made by the Corporation, of contributions 

 to be made by such employees of the Corporation as be- 

 come subscribers, and of such moneys, if any, as shall be 

 contributed thereunto by other persons. Wherever the 

 word gratuity or pension is used hereinafter, it means 

 a gratuity or pension payable out of such fund. The legal 

 title of the said fund and of all securities and invest- 

 ments of which the same shall be composed shall be, and 

 remain, in the Corporation, subject to the obligation to 

 use the same for the purposes herein expressed. 



Contribu- § 4 rj\^ e Corporation agrees to contribute to said 



Pension Fund, during each year, in instalments which 

 shall be paid to said Pension Fund at such time or times 

 as the Board of Trustees shall direct, a sum equal to 

 three per cent, of the annual salaries paid during that 

 year to those of its employees who are subscribers to said 

 fund. Each employee of the said Corporation who shall 

 become a subscriber to said fund, agrees that from the 

 date of his or her subscription, he or she will contribute a 

 sum equal to three per cent, of the salary paid to him or to 

 her by said Corporation. Such contributions by such 

 employees shall be made in instalments, on each pay day, 



