Liquidation 
18 
or other instalments before the expiration of a full 
year. All pensions herein provided for shall be appor- 
tionable. 
§ 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 
