Volume 2 - ElectricCanadian.com

524 HISTORY OF THE BANKwere appointed. On the same date another revision of theConstitution and Rules was adopted, as the result of the workof a committee appointed for the purpose by the Board ofDirectors in January, 1907. No radical change was made inthe rules, but they were carefully revised and amplified in thelight of experience. Provision was made for dealing withcertain questions which had arisen since the commencement,and which had not been covered by the original rules.In the interval the growth of the fund had rendered thecustom of collecting assessments from members of the staffsemi-monthly very irksome, because of the immense numberof entries for very small amounts, and on March 28, 1906,it was decided that contributions should thereafter be collectedmonthly, on the fifteenth of each month. In February, 1907,a further step in the same direction was taken by making thecontributions payable quarterly in advance, commencing onMarch 10, 1907, the first quarterly payment under this ruleto cover the period from March 1 to May 31.The first trustees appointed by the Board of Directorswere Messrs. B. E. Walker (now Sir Edmund Walker) AlexanderLaird, John Aird (now Sir John Aird), H. H. Morrisand Massey Morris. Messrs. Laird and M. Morris have sincedied, and were succeeded by Messrs. H. V. F. Jones and D. A.Cameron, respectively. The powers of the trustees are limitedto investing the moneys belonging to the fund and lookingafter the securities representing these moneys. They have nopower or discretion with respect to the disposition of themoneys, the granting of pensions or other allowances, or themaking of payments; such matters are governed by regulationsestablished by the Board of Directors of the bank,who deal also with any new questions which arise.At the end of 1909 it was decided that another effort shouldbe made to increase the benefits conferred by the PensionFund, and particularly to provide pensions for the widowsand minor children of deceased officers. First of all, it wasnecessary to ascertain the actuarial position of the fund, as