Regulations 1913

The Regulations were published in booklet form and provided to the “male officers“. The terms of the Trust required the original “Trust Deed” and all subsequent Deeds of Variation were to be lodged at the Head Office of the Company and to be made available for inspection by the “male officers“. Certified copies of the original “Trust Deed” and all subsequent Deeds of Variation were also to be sent to all branch offices as well an be made available for inspection. Some of the more significant terms of the trust as declared on the 23 December 1913 are summarised as follows: Regulation 1 The fund was established to provide pensions and benefits to “male officers” , their wives, widows and dependants. Regulation 2 – The Fund Established A fund to be called “The Provident and Guarantee Fund” shall be constituted and established and such fund shall be vested in and held by the Trustees Regulation 3 – Of What the Fund Consists The contribution of the “Settlor” and two Adelaide Gentlemen are detailed in Regulation 3 Regulation 4 – Contribution by Officers The initial contribution rate was set at 2.5% of salary Regulation 6 –  Who shall be Trustees The Trustees shall until otherwise determined by the Board of Directors be three in number:
  • Two Directors appointed by the Board of Directors
  • The Company Secretary or other officer appointed by the Board of Directors
Regulation 8 – Pension Provisions A qualifying Officer who has attained the age of 60 and who is no longer in the service of the Company is entitled to a pension based on 1/60th times years of service times average salary Regulation 10 – Acquisition of another Company If the Company acquires another business then that employee’s length of service with that company may with the approval of the Board of Directors and the Trustees be counted in the determination of the pension benefit. Regulation 28 – Amendment of Deed The Board of Directors of the Company had a conditional Power of Amendment to amend the terms of the trust subject to the assent in writing of the majority of the Trustees Regulation 33 – Wind-Up of the Fund Regulation 35 – Inspection of the Deeds The original founding Trust Deed and original Deeds of Variation were to be “deposited and kept at the head office of the Company” and be available at “reasonable times to inspection by persons affected thereby“. Certified copies were to be sent to the branch offices and available for inspection.