A contributory superannuation fund called “The Officers’ Provident Fund” had been established on the 7 August 1918 for the male and female staff of the Victorian Company – Goldsbrough Mort & Co Limited.
The benefit from this fund was enhanced by a non-contributory “Supplementary Pension Fund” established on 8 November 1962.
“The Officers’ Provident Fund”
This fund was closed to new members on 1 January 1963 after Goldsbrough Mort & Co Limited was acquired by Elder Smith Goldsbrough Mort Limited which was renamed Elders IXL Limited in 1982.
Clause 6 of provided for four natural person trustees; “three of whom shall be appointed and be removed by the Directors of the company acting as a Board and a Contributor to be called the “Elective Trustee” to be from time to time appointed and removed by the Contributors” (ie Members).
This fund established on 7 August 1918 had a dual Power of Amendment. A Power of Amendment was provided to the members of the fund to alter some of the provisions of the Deed. A Power of Amendment was provided to the Trustees for certain prescribed Clauses, subject to the consent of both the Directors of the Company and the Members of the Fund.
Clause 43 – “Power of Trustees to alter rules” provided:“
“The Trustees, with the consent of the Directors of the Company and of the proportion of the Contributors ascertained as specified in Clause 42, shall have power to repeal alter or amend any Clause in these presents, or to add any new Clause or provisions thereto.”
The Supplementary Pension Fund
The Power of Amendment for the non-contributory Supplementary Pension Fund was a joint Power of Amendment provided to both “the Company and the Trustees”, who may “at any time by Deed under Seal executed by the Company and the Trustees alter or modify all or any of the provisions contained in this Deed”.