Trust Deed Constituting Pension Fund

Trust Deed Constituting Pension Fund

This deed, made the …………………… day of …………1999 between AB, of ……………….…, hereinafter called the founder of the one part, and C of …………………, and D of ………………… of the other part.

Whereas the founder, who is largely interested in the N. Co. Ltd. (hereinafter called the company), is desirous of establishing a pension fund in relation to that company, and with a view thereto has transferred ……………….. fully-paid shares of Rs. ……………… each in the company, numbered ………………… to …………………… inclusive, to the said C and D. Now it is agreed and declared as follows:

1. The trustees, which expression in this deed means the said C and D, or other the trustees or trustee for the time being hereof, shall hold the said shares and the income thereof in trust for the purposes hereof.

2. The income of the trust fund shall be applied in paying the pensions from time to time payable hereunder, and if the income of any half-year or other period shall be insufficient to pay the said pensions, such pensions shall abate rateably.

3. The following persons shall be eligible as pensioners, that is to say—

(a)  Persons who, having served the company for more than 10 years, have attained the age of 65.

(b)  Widows and orphans of employees who have died in the service of the company.

4. During the life of the founder, it shall rest with the founder and after his death it shall rest with the company to elect pensioners and to determine the amount of the pensions payable to them respectively, and the time or times of payment, and to withdraw, reduce, or increase any pension.

5. A register of pensioners shall be kept by the company and there shall be entered therein the names and addresses of the pensioners and the amounts of their respective pensions and any other particulars relating thereto.

6. Any surplus income from time to time in the hands of the trustees may be invested by them in any investments authorised by law for the ininvestment of trust funds, and the moneys so invested and the income thereof shall constitute a reserve fund and may be applied by the trustees or trustee at any time in augmentation of the income of any half-year which shall be insufficient to pay the subsisting pensions.

7. Pensioners shall be elected for one year only, but they may be re-elected.

8. The founder may at any time during his life by deed modify the provisions of this deed, and after his death the company may at any time by deed modify the provisions of this deed.

9. The statutory power of appointing new trustees hereof shall be vested in the founder during his life and after his death in the company.

10. Any notice to any pensioner may be given, etc.

11. Proviso for winding-up within legal limits as in clause (29) of form of the trust deed constituting superannuation fund.

In witness, etc.

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