hereby prescribed, the said Pension Board shall ad- 

 minister, invest and disburse the said Pension Fund. 

 The said Pension Board shall elect from its members a 

 Chairman and Secretary and may elect such other 

 officers as it shall deem advisable. It may also adopt 

 regulations, not inconsistent with these rules, for the 

 safe-keeping, investment and administration of said 

 Pension Fund and the disbursing thereof. The Treas- 

 urer and Assistant Treasurer of the Corporation re- 

 spectively shall, ex-officio, be the Treasurer and 

 Assistant Treasurer respectively of the Pension 

 Board. 



Pension 

 Fnnd 



§ 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 

 become 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 

 investments 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. The Corporation agrees to contribute to said 

 tions 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 thai 

 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 instal- 



