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Pension Fund Societies Act (R.S.C., 1985, c. P-8)

Act current to 2021-04-20

By-laws

Marginal note:By-laws

  •  (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.

  • R.S., 1985, c. P-8, s. 11
  • 2000, c. 12, s. 268

General

Marginal note:Powers

 All the powers, authority, rights, penalties and forfeitures whatever in the premises, whether of the pension fund society, of the individual members thereof, of the officers and employees thereof or of their survivors, minor children and relatives, or of the parent corporation, shall be such as are defined and limited by the by-laws of the society and may be exercised and enforced in the manner prescribed by those by-laws.

  • R.S., 1985, c. P-8, s. 12
  • 2000, c. 12, s. 269

Marginal note:Use of revenues

 All the revenues of a pension fund society, from whatever source derived, shall be devoted exclusively to the maintenance of the society and the furtherance of its objects.

  • R.S., c. P-9, s. 13

Marginal note:Contribution by parent corporation

 The parent corporation may and is hereby authorized to contribute annually or otherwise to the funds of a pension fund society, by a vote of either its directors or its shareholders.

  • R.S., c. P-9, s. 14

Marginal note:No assignment of interest of members

 The interest of any member of a pension fund society in the funds of the society is not transferable, and may not be charged by way of pledge, hypothecation or movable hypothec without delivery, or be sold or assigned in any manner.

  • R.S., 1985, c. P-8, s. 15
  • 2001, c. 4, s. 112

Marginal note:Returns

 Every pension fund society established under this Act shall at all times, when required by the Governor in Council or by either House of Parliament, make a full return of its property and of its receipts and expenditures for such period and with such details and other information as the Governor in Council or either House of Parliament requires.

  • R.S., c. P-9, s. 16

Subsidiary Corporations

Marginal note:Subsidiary corporations

  •  (1) A pension fund society established under this Act may, at the request of the parent corporation evidenced by a resolution of its directors, admit to membership in the society, on such terms and conditions as the society may determine, any officers or employees of a subsidiary corporation of the parent corporation and may

    • (a) provide for the support and payment of pensions to the officers and employees 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:Application

    (2) All the provisions of this Act applicable to officers and employees of the parent corporation who are members of a pension fund society apply with such modifications as the circumstances require to officers and employees admitted to membership pursuant to this section.

  • Marginal note:Power to contribute and vote

    (3) A subsidiary corporation any of the officers or employees of which have been admitted to membership in a pension fund society under this section may, and is hereby authorized to, contribute annually or otherwise to the funds of the society by a vote of either its directors or its shareholders, and as a contributor 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.

  • Definition of subsidiary corporation

    (4) In this section, subsidiary corporation means a corporation legally transacting business in Canada, under any Act of Parliament, the majority of the shares of which that have under all circumstances full voting rights is owned or controlled directly or indirectly by or for the parent corporation.

  • R.S., 1985, c. P-8, s. 17
  • 2000, c. 12, s. 270
 
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