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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
member in the event of his dying before he becomes entitled to any benefit under the scheme on resignation or retirement;
(G.) The percentage or proportion not exceeding without the consent of the Secretary of State two pounds ten shillings per centum of their salaries or wages which shall be payable to the thrift fund by the contributors;
(H.) The age at which or other circumstances in which a person shall become entitled to benefit under any scheme so that no person not incapacitated by illness shall be entitled to benefit (except by way of return of his own contributions with interest under the next succeeding section of this Act) at a less age than sixty ;
(I.) The payment to a person entitled to benefit under any scheme either by way of a gross sum or by way of an annuity instead of such gross sum calculated at such rate of interest as may be defined by the scheme;
(J.) The rate not exceeding three pounds ten shillings per centum at which interest whether simple or compound shall be calculated in respect of the moneys contributed to the thrift fund by the contributors and by the Corporation respectively;
(K.) The future management and direction of the thrift fund and the number of and mode of appointment of the committee for administering and managing the same and the powers to be conferred upon the committee with respect to such administration and management and whether any and if so what persons other than members of the Corporation should form part of or be associated with the said committee for the purposes of the administration and management of the thrift fund or form a separate consultative committee to be elected by the contributors of the thrift fund and to define the functions and mode of election of such consultative committee;
(L.) The securities upon which the moneys received on account of the thrift fund shall from time to time be invested Provided that such investment shall not be made in any mortgage bond debenture debenture stock corporation stock annuity rentcharge rent or other security of the Corporation or in securities transferable by delivery ;
(M.) And generally all such other matters and things in relation to the thrift fund as the Corporation shall deem fit and. proper to form part of and to be included in such scheme.
182. Any scheme under this part of this Act shall contain the following provisions :-
(1.) Any contributing member retiring bon a fide from the service of the Corporation of his own accord before attaining the age
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