Marginal note:Provisional directors

• 7. (1) The provisional directors of a pension fund society have power to call the first meeting of the society, and at that meeting directors may be elected and by-laws may be passed under the provisions of this Act.

• Marginal note:By-laws to be filed with Minister

  (2) On the passage of the by-laws referred to in subsection (1), a copy thereof and subsequent copies of other by-laws in amendment thereof, in addition thereto or in diminution thereof, shall be filed with the Minister of Industry within two weeks after the passage thereof.

Marginal note:Board of directors

• 8. (1) The affairs of a pension fund society shall be administered by a board of directors who shall be appointed or elected in such manner, in such number, with such qualifications and for such period as are determined by the by-laws of the society.

• Marginal note:How elected

  (2) At the first meeting of a pension fund society to be held under this Act,

  • (a) five directors shall be elected, subject to addition to that number if sanctioned by the by-laws of the society; and

  • (b) other officers may be appointed in such manner, with such remuneration and under such provisions concerning their powers and duties as are established by the by-laws of the society.

Marginal note:Right to vote

9. Each contributor to the funds of a pension fund society, including the parent corporation, has such right to vote at general meetings of the society, on such occasions, subject to such restrictions and on such conditions as are determined by the by-laws of the society.

Marginal note:Power to form a fund

10. After its incorporation under this Act, every pension fund society has the power, by means of voluntary contribution or otherwise as its by-laws provide, to form a fund, and may invest, hold and administer the fund and from and out of the fund may

• (a) provide for the support and payment of pensions to officers and employees of the parent corporation incapacitated by age or infirmity; and

• (b) on the death of those officers or employees, pay annuities or gratuities to their survivors and minor children, or other relatives, in such manner as may be specified by the by-laws of the society.

Marginal note:By-laws

• 11. (1) Every incorporated pension fund society has all powers necessary for the purposes of this Act and may make by-laws defining and regulating in the premises, and prescribing the mode of enforcement of all the rights, powers and duties of

  • (a) the society;

  • (b) the individual members thereof;

  • (c) the officers and employees of the parent corporation;

  • (d) the survivors and minor children, or other relatives, of those officers and employees; and

  • (e) the parent corporation.

• Marginal note:Idem

  (2) Every incorporated pension fund society may make by-laws for

  • (a) the formation and maintenance of the pension fund;

  • (b) the management and distribution thereof generally;

  • (c) enforcing any penalty or forfeiture in the premises; and

  • (d) the government and ordering of all business and affairs of the society.

• Marginal note:Sanction

  (3) No by-law referred to in this section has any force or effect unless it has been sanctioned by the board of directors of the parent corporation.