18 



or other instalments before the expiration of a full 

 year. All pensions herein provided for shall be appor- 

 tionable. 



Liquidation § 32. The Trustees of the Corporation, upon the 

 recommendation of a resolution adopted by the votes 

 of not less than five of the members of the Pension 

 Board, may, at any time, discontinue the pension 

 system hereby established, and distribute the Pension 

 Fund as follows: 



(a) All claims upon the said Pension Fund which 

 shall have matured at the time shall be paid. 



(b) All outstanding pensions shall be commuted into 

 one sum, which shall be paid to the person then entitled 

 to receive such pension. Such a commutation in the 

 case of a person entitled to a pension for life shall be 

 on the basis of the American Experience Table of Mor- 

 tality with interest at four per centum per annum, and 

 in the case of pensions payable for a period other than 

 for life, the future payments shall be commuted by the 

 payment to the person entitled thereto, of one sum 

 equal to the present value of the remaining unpaid 

 instalments for the periods payable according to the 

 same table of mortality and the same rate of interest. 



(c) All contributions theretofore made to the Pen- 

 sion Fund by the contributing members then in good 

 standing shall be returned to them with simple interest 

 at three per cent, per annum. 



(d) There shall be repaid to the Corporation, without 

 interest, such funds as shall have been contributed by 

 the Corporation, or by any other person or persons 

 other than the subscribing employees. 



(e) Any excess remaining shall be divided among 

 the subscribing employees in good standing, each such 

 subscribing employee's share to be in the proportion 

 that the payment made to him or her under the above 



