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Photographic
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• Wf^
UNIVF'iSITF DE MONTREai
i *
li'^
#.
ACT OF incorporation:
AND
BY-LAWS
-J^'
OF TUB
PENSION FUND SOCIETY,
or THK
•»
BANK OF MONTREAL.
{For distribution amongst the members.)
■ I . ■ '
"■ > .
MONTREAL :
PRINTED BY THE GAZETTE PRINTrNG COMPANY,
1886.
7
iUilAMiHiUA^UA^MM^MMk
'S
%
ACT OF INCORPORATION
AND
BY-LAWS
OP THE
PENSION FUND SOCIETY,
OF THE
BANK OF MONTREAL.
{For dislribulicH amongst the members.)
iW
MONTREAL :
PRINTED BY THE GAZETTE PRINTING COMPANY.
1885.
ANNO QUADRA GESIMO OCTAVO.
VICTORIA BEGINS
An Act to incorporate the Pension Fund Society of the
Bank of Montreal.
{Assented to Ut May, 1885.]
WHEREAS the persons hereinafter named, employees of the
Bank of Montreal, have, by petition, set t'oi-th, that it is
desirable that the employees of the said Bank should be em-
powered, with the sanction of the said Bank, to make ethcient
arrangement for the payment of pensions to, and providing for
the support of the officers and employees of the Bank of Montreal,
members of the said association, incapacitated either through age
or infirmity, and upon the death of such officers and employees,
to pay annuities to their widows and minor children, and have
prayed that they and those hei-eafter associated with them in the
employ of the said Bank may be incorporated for that purpose,
by the name of the "Pension Fund Society of the Bank of Mon-
treal;" and whereas it is expedient to grant the prayer of the
said petition : Therefore, Her Majesty, by and with the advice
and consent of the Senae and House of Commons of Canada,
enacts as follows : —
1.
Wentworth J. Buchanan, Archibald Macnider, Edward S.
Clouston, A. Brock Biichaiiiui, Konry V. Morodith, all of iho city
of Montivjil, Fie«loi'irlv <imi(liy, oft ho city ofOttuwu, Con.stuntiiio
Broiit^li, of tlio city of Toi-onio, mii'I all otliei- |)Ol'^soMS, cini)loyoe6)
of the Rank of Monlfoal, wlio may, l»y virtuoof this Act, rejdace
or 1)0 asHociatcd with tii em, shall he, and they are herehy con-
Btitutetl a ho(iy politic and corporate, iindoi' the name of "The
Pension Fiuitl Society of the Bank' of Montreal," and under that
name, by moans of voluntary contributions or otherwise, aw by
their by-laws shall be provided, may form, for the purpose afore-
said, a fund known as the Pension Fund, and may invest, hold,
and administer the same, and from and out ot the said fund, may
provide for the su[)p()rt and payment of pensions to otficej's and
employoes of the Bank of J\rontreal, incapacitated by age or
infirmity, and upon the death of such officers or employees, may
pay annuities to their widows and minor children, by meafis of
pensions, or in such other manner as by such by-laws may be
provided; and witjj the sanction, from time to time, of the bank,
may make such by-laws, not contrary to law, as may be deemed
advisable for the formation and maintenance of the said fund,
and for the management and distribution thereof generally, and
tor defining and regulating in any wise as to them may seem
meet, all manner of rights of the coi'poration or of the individual
members thereof, and of such officers and employees and widows
and orphans and of the Bank, in the premises, and the mo<le of
enforcement thereof, and for enforcing any description of con-
ditional penalty or foi-feiture in the premises which to them may
seem meet, and for the govej-nment and ordering of all business
and att'airs of the corporation ; and all such rights, penalties,
and forfeitures whatsoever in the promises, whether of the cor-
poration or of the individual members thereof, or of such officers
and employees, or of such widows and orphans, or of the Bank,
shall be such, and such only, and may be enforced in such mode,
and in such mode only, as by such by-laws shall be defined and
limited ; and with the like sanction trom time to time they may
amend and repeal such by-laws, observing always, however, to
that end, such formalities or other restrictions as by such by-laws
may have been provided; and generally they shall have all
necessary corporate powers for the purposes of this Act.
2. The Huid corporation Hhall have power to receive and take
over all projieities, inonoyH, funds or assets of the Annuity and
(JuaiJintcc h'unds Society of the Bank of Montreal i-emainiut^
after the liquidation, and winding up of llu^ said so«'ioly, and
may hold, invest, and administer the same, which shall l»e and
become pari of the funds, capital and assets of the said corpora-
tion, and shall have i)owor to arrani^e and contract with the
liquidators of the Annuity anl Guarantee Fund Society of the
Bank of Montreal to assume and undertake the discharge of the
indebtedness and obligations of the last mentioned society, oi'any
portion thereof
•{• All the revenues of the corporation, from whatever soin-ce
they may be dei'ived, shall be devoted exclusively to the main-
tenance of the coi'poration, and the furtherance of the objects
aforesaid of tlio saitl fund, and to no other purpose whatsoever.
4. The corporation shall have power to administer their affairs
by such and so many directors and other officers, and under such
restrictions touching their powers and duties as, by by-law in
that behalf, they, from time to time, ordain ; and they may
assign to any such officers such remuneration as they deem
requisite.
♦>. The said Wentwortii James Buchanan, Archibald Macnider,
Edward S. Clouston, and A. Brock Buchanan shall be the tint
directors of the said corporation, and shall hold office until their
successors shall be appointed under by-laws to be made in that
behalf.
O. The said directors shall have power tocall the first meeting
of the society, at which meeting, or some adjournment thereof,
by-laws may be passed in accordance with the tirst and fourth
sections of this Act, and directors elected.
7* The corporation shall, at all times, when thereunto required
by the Governor or by either House of Parliament, make a full
return of their property, and of their receipts and expenditure,
for such period, and with such details and other information as
the Governor or either House of Parliament requires.
An Act respecting the Annuity and Gaarantee Funds
Society of the Bank of Montreal.
[Amnted to Ut May, 1885.]
WHEREA.8 the Annuity and Cluarantee Funds Society of the
Bank of Montreal han, by its petitions, represented that
inasmuch as the .society is unable to maintain the rate at which
annuities are at present being paid, the annuities accruing to
future widows and orphans of deceased members must suffer
serious diminution and eventually cease, in consequence of the
increasing liabilities imposed upon the society by the accession of
new beneficiaries, notwithstanding the heavy additional rates of
contribution (hat have of late been levied upon such beneficiaries ;
and that the society is moreover unable efficiently to continue its
business, and that it is proposed, upon the said society being
liquidated and wound up, to hand over and transfer to the Pen-
sion Fund Society of the Bank of Montreal all the assets, funds and
property of the first mentioned society, the same to be and become
part of the funds, capital and assets of the said Pension Fund
Society subject to the provisions of this Act ; and that the mem-
bers of the first mentioned society have determined that it is for
their interest that the said society should be wound up and that
the funds of the said society should be so transferred and set over
to the said Pension Fund Society of the Bank of Montreal, and
for that purpose have appointed Went worth James Buchanan,
Archibald Macnider and Edward S. Clouston, all of the city of
Montreal, bankers, trustees and liquidators ; and that it is neces-
sary that some legislative provision should be made for the wind-
ing-up of the said first mentioned society ; and has prayed for
the passing of an Act for its relief; and whereas it is expedient
to grant the prayer of the said petition : Therefore Her Majesty,
by and with the advice and consent of the Senate and the House
of Commons of Canada, enacts as follows :
1. The said Wentworth James Buchanan, Archibald Macnider
and Edward S. Clouston shall be liquidators and trustees of the
8
said Annuity and Gnaranteo Funds Society of the Bank of Mon-
treal, and as such shall liquidate ;vnd wind up the said society,
with the power to the said liijuidators and trustees in their joint
names to sue and be sued, and to realize, collect, and get in all
debts, assets and property due or owing to the said society, to
settle, compromise and arrange the same, and generally to make
such terms, conditi<ms and arrangements with the debtors and
creditors of the said society as they may see fit, for and in the
interests of the said society, and to compromise, arrange, and
settle all debts, claims and obligations of the said society in the
manner hereinafter provided.
2. All claims and demands upon and obligations of the said
Annuity and Guarantee Funds Societ}' of the Bank of Montreal
shall be by the said liquidators discharged, arranged, com-
promised, or settled, as follows :
(a.) The said liquidators shall fix and determine, with the
consent and concui'rence of all or any of the crcditoi'S or annui-
tants of the said society who may desire in such manner to
secure and realize their said claims or annuities against the said
society, a cash surrendered value of the said claims or annuities
and debt, and thereupon may pay over to the said creditor or
creditors the amount of the said cash sui-rendered value, and
maj' take and receive from such creditor or creditors, annuitant
or annuitants, a full and final discharge towards the said society ;
(6.) The liquidators shall, with the consent and concurrence
of all or any of the creditors or annuitants of the said society
who may desire in such manner to secure their claims or annui-
ties against the said society, ti-eat, negotiate and arrange with
the IN'Usion Fund .Society of the Bank of Montreal, to the end
that the said last mentioned society shall assume and under,
take, to the discharge of the said Annuity and Guarantee Funds
Society, the indebtedness and obligations of the said last men-
tioned society towards the said creditor or creditors, annuitant
or annuitants.
a. The said liquidators and trustees shall have power to trans-
fer and set over to the Pension Fund Society of the Bank of
Montreal any property, funds or assets of the said Annuity and
(liuirantce Fiindu Society of the Eank of Montreal remaining in
their liandH aiter dischai'^'e, Hcttlenient and adjustment of all
claimH, liabilities and obligations of and demands upon the said
so(;iety, as hei-einbefore provided ; and the same shall be incorpo-
rated with and shall be and become part of the funds, capital and
UHsetH of the said Pension Fund Society of the said Hank of
Montreal.
4. Upon the full and complete ^^inding up and liquidation of
the said Annuity an<l Guarantee Funds Society of the Bank of
Montreal, and the Hnal accomplishment by the said liquidators o
their duties as liquidators, they shall publish a notice in the
Canada Gazette, which shall be inserted therein for four succes-
sive weeks, and shall mail notice thereof to each member of the
said society a<ldressed to his residence or last known place of
abode, setting forth the fact of such final and complete liquida-
tion of the attairs of the said society, and thereupon the franchises
and corporate existence of the said society shall cease.
Si. All the estate, real or personal property, assets and et!ects
of the said society shall be vested in the said liquidators.
BY-LAWS.
Pension Fund Society, Bank of Montreal
1. Every person now or hereafter an e)))j)fo?/^' on the estab-
lishment of the Bank of Montreal (hereinafter styled the
Bank), whether at the Head Office thereof or at any of the
Branches oi- Agencies, shall bo a member of the Pension Fund
SouiETY of the Bank of Montreal (hereinafter called the
Society), shall continue to be such member so long as he shall
remain an employ^ on the establishment of the Bank, but no
longer. The word emploi/6 shall not be held to apply to or
include messengers or porters of the BnnU, but sluill include
all other officers or servants in the service of the Bank.
2. Special and general meetings of the Society
at any time, at such place and hour as tlie Board
(hereinalter called the Boaid), nuiy from time to
and such meetings shall be held to be sutihientl^
circular to be addressed and mailed by the Seci
Society, to the Manager or Agent at each of the
Agencies of the Bank, at least 30 days before the
may be held
of Directors
time ordain,
' called by a
■etar}" of the
Branches oi'
date thereof.
3. The Circular calling a B]>ecial meeting shall specify the
special purpose for which it is called and no other business
than that for which such meeting is called shall bo transacted
thereat. The President shall, u])on the written requisition of
at least 50 members to that end made, call a special meeting
uf the Society ; the requisition shall set forth the purpose for
which the meeting is to be called.
4. At all meetings of the Society, members may attend and
vote by proxy, such proxy being himself also a member ; and
12
the presence of twelve members, not countino^ proxies, shall
be requisite to form .*i f|U()rnm. The Board of Directors may
from time l<t time Hx the form and manner of attestation of
proxies. Every member, whether voting in person or by-
proxy, shall have one vote.
5. All moetings of the Society may be adjourned, by vote of
a quorum present, but not otherwise ; and if such adjoui'n-
inent be for a term of more than one week, notice shall be
given thereof in the interval by circular, as if for another
meeting,
6. The General Manager of the Bank, the Assistant General
Manager, the Inspector, the Senior Assistant Inspector, the
Manager at Montreal, the Manager at Toronto, the Manager
at Ottawa, the Manager at (Quebec, the Assistant Manager at
Montreal (if there be such officei", if not, the Accountant at
Montreal), the Accountant at Head Office, all for the time
being — and their successors in office — being members of the
Society, shall be the directors of the Society.
7. Meetings of the Board of Directors shall bo held when-
ever convened by the order of the President of the Society
or of any two directors, at such place and hour as from time
to time may be ordained ; and may be adjourned when neces-
sary. At least one week's writt jrn notice of all such meetings
shall be gi'.en by the Secietar^'^, to every director, and at all
meetings of the Board, three shall be a quorum.
8. The General Manager and the Assistant General Managei-
or fnspectoi' of the Bank of Montreal, shall h^i ex officio the
President and the Vice-Piesident respectively of said Societ3^
The office of Diiector shall bo gratuitous.
9. The Corporate Seal of the Society shall be such as the
Board may fiom time to time ordain ; and shall be in the
official charge of the President.
10. At all meetings, whether of the Society or of the Board,
the President, oi' in his absence the Vice-President, or in
18
le
in
default of both Preeidont und Vicc-Proisideut the Senior Direc-
tor present, hIiuU preside, and biiall have a vole and u casting
vote.
11. The Boaid shall from time to time name and appoint
fiom amongst the memboi s of the Society the Secretary and
Treasurer, and shall tix and determine the duties to be per-
foi-med by them and the remuneration to be paid tu them.
The offices of Secretary and Treasurer may at any time be
held by the same person.
12. The Board shall cause to be kept regular Account-
Books, shewing clearly all receipts ami payments on account
of all Funds of the Society, and the mode of the investment
thereof,— and also a full and eom))lete Minute-Book of their
proceedings; and the same shall bo open for the inspection of
all members of the Society, at such place and during such
reasonable office-hours as the Board may appoint ; and shall
further cause to be prepared, a printed statement of the affairs
of tho Society to bo made up to the :iUth June in each year,
and copies thereof distributed amongst the members as soon
thereafter as may be practicable or convenient.
13. Every member of the Society shall, for so long as he
shall so continue, pay to the said Pension Fund Society a
yearly contribution equal to 3 per cent, of his annual Bank
salary— the same to be deducted by the Bank from, the
monthly salary payable to said member, and paid into the
funds of the said Society; and in the case of managers, agents
or other employes occupying residences provided by the
Bank, a further yearly contribution of 3 per cent, upon the
fixed money value of such residences and other customary
allowances shall bo paid,— the said money value to be fixed
and determined by the directors of the Bank from time to
time.
U. Each membei'of the Society who has been in the unin-
terrupted service of tho Bank of Montreal for ten years and
upwards, and having attained the age of sixty years, or who
upon tho certificate of tho Bank's medical adviser, or of any
IM
14
other physician approved by the Bank, is declared to be inca-
pacitated by inrirmity from properly performin.i,' his duties,
shall be entitled to be paid tioni and out of the funds
of said Society a pension oi- ^upeiannuation allowance of
l-50th of his salary at tlic date of sii|)erannuation for every
year of such service in (ho Bards up to, but not exceeding,
35-50th ot his salary at the date of such superannuation.
Provided always, that- such pension shall not in any case
exceed the sum of $5,0(10. Hut no member who has so attained
the age of sixty years shall be entitled to such pension ho long
as he continues in the service of the Bank.
15. No member of the Society shall be entitled to a pension
or superannuation allowance who has not been in the uninter-
rupted service of the Bank foi- ten years or upwards, nor shall
the widoAvs or minor children of such member be entitled to
any pension or snpeiannuation allowance.
It). Upoti the ileceasc of any member, being a pensioner at
the time of his death, and 'caving a Avidow and minor child
or children, then in that case the said Society shall pay to the
said Avidow half of the pension received and enjoyed by her
late husband ; the same shall accrue and be paid to her for so
long as she shall live and remain the widow of such member,
and no longer. And if at the time of the decease ov re-
marriage of such widow, thcie shall be living any minor
child or children of such member, the pension which the
said widow, prior to such decease or re-marriiige, received,
shall thereafter accrue and be paid for the sole use of such child
or children, and in equal shares for each, if there be more than
one, to his, her oi- their duly ap[)ointed tutor or guardian,— or,
in default of such, to any person whom the Board may name
or approve to that end, for so long as any shall I'cmain under
age and no longer, and the to(al amount not diminishing so
long as there shall retnain any such child under age.
lY. On the decease of any member leaving a minor child
or children, but no widow, then, and in (hat case, the said
Society shall pay to the said child or children half of the
c
16
pension received and enjoyed by their late father ; and the
said pension shall accrue and be paid for the sole use of
such child or children, and in equal shares for each if there
be more than one, to his, her or their duly appointed tutor
or guardian, — or, in default of t>uch, then to any person whom
the Board may name or approve to that end, for so long as
any shall remain under ago, and no longer — the total amount
not diminishing, so long a; there shall remain any such child
under age.
18. Upon the death of any membei' of the Society not a
pensioner, who has been in the uninterrupted seiviee of
the Bank for ten years and upwards, leaving a widow, minor
child or children, the Society shall pay to the said widow, so
long as she remains the widow of such member, but no
longer, a pension equal to the 100th part of the salary of said
member at the date of his death, lor every year of his service
in the Bank, up to but not exceeding 35-lOOtlis oi such salary at
date of death of the member ; and provided always, that such
pension shall not in any case exceed the sum of $2,500, and if
upon the death or re-marriage of such widow, there shall be
living any minor child or children of such member, such
pension shall thereafter accrue and be paid iov the sole use
of such child or children, and in equal shares for each if
there be more than one, to his, her or their duly appointed
tutor or guardian, — or, in default of such, then to any person
whom the Boai-d may name or approve to that end, — for so
long as any shall remain under ttge, and no longer; the total
amount not diminishing, so long as there shall remain any such
child under age.
19. Upon the death of any member of the Society not a pen-
sioner, who has been in the uninterrupted service of the Bank
for ten years, leaving no widow but leaving a minor child or
children, the said Society shall pay to the duly appointed tutor
or guardian of such child or children a pension, equal to the
100th part of the salary of said member at the date of his
death, for every year of the service of such member in the
Bank, up to but not exceeding 35-100th8 of his salary at the date
^^
\t
16
of hiH death ; piovidotl always that such pension shall not
oxcccd in any case $2,50(». And such pension shall thereafter
accrue and be paid lor the sole use of such child or children,
in equal shares for each of them if there be more than one, to
his, her or their duly appointed tutor or guardian, oi-, in
default of such, then to any person the Board may name and
approve to that end, for so long as any shall remain under age
and no l<»iiger— the total amount not diminishing so long as
there shall remain any such child under age.
20. Ev(>ry member or pensioner shall be bound within one
month from the date of his marriaye, or of the death of his
wife, to notify the Secretary in writing of such marriage or
death, and to fui-nish proof thereof to the satisfaction of the
i3oai-d ; and every member or pensioner shall be bound at any
time upon a demand on him by the .Secretary to that end
made to furnish proof to the satisfaction of the Board of the
number, names and ages of his minor children.
21. All pensions payable by the Society shall commence to
run from the date of sui)eranimiition or death of the member.
All pensions payable by the Society to pensioners shall be paid
to them on the last day of each month. All pensions payable
to widows or minor children shall be paid to such widows,
or to the tutor or guardian or other legal representative of said
minors, quarterly on the first day of January, April, July and
October of each year. For the purpose of establishing the
amount of the pension to be paid to said pensioners, widows
and minor children, no fraction of a year less than six months
shall be reckoned or taken into account, but if such fraction
of a year shall be or exceed six months it shall be deemed to
be and be reckoned a full year.
22. In the event of an cmployd leaving the service of the
Bank for any cause whatsoever, and thereby ceasing to be a
member of the Society, all payments or contributions by him
as a member, made (o the Society, shall be returned to him
without interest, deduction being made by the said Society of
any sum in which said member may be indebted to the Bank
or to said Society for any reason whatever.
)
II
)
11
vouchor, an,, „eoo„ ::"'„; rCi"';'"' T'" '•'"' '""""'
forme.. n,ombo,. „,- L m J Tl2of T "'' '"""';"'■" "'"■"'■'' '"■
mon>bortl,c..oo or unv ! '■"P'"""'"''"'™" "'' "">• ''"««'«'
"ftor written J.lZ^U^ZrlZ'fT'T' """""
and Ueeision of the Board of Ct™. , t r,;! f ""■""""'""^
refusal of Huch H„^,.,l („ "'-'•ioib of tho B,ink, and cxnrosH
And upon evL th . "' "'" """" '""' ''"''''« 'I'"'-"".
fullest pow^Mi'iUetTr'T ■:"'•" ""'"•'^ »""" ''"™ 'I-
qno»tion, ir.on ,ec iveiv of „, '"""' "'•■"'"• "''J"'" '
dure- nnd .1,1 V •* "" """"'"'' "<' H'muility of |„,„.e.
Jefeet of f"m o^.Z ^ tH; '^'^V''''^^''''''''''''''^' ^"'y
same whatsoever. '""'"'"y "' P™cedu,.o, ,« touchM.s Iho
»nf thneifLt;::/;::";- •]"""'"' """ "»'»""•»'■«''■ - -
duo notice. """" "' " "'>'=<''"' ">"«""« "■''llod "P«n