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[59 & 60 Vict.] South Shields Corporation Act, 1896. [Ch. l.]
of each contributing member is or are, respectively chargeable a sum equal to one third of the sum which during the same half year has been contributed thereto by such contributing member.
(2.) In the event of the moneys standing to the credit of the thrift fund being at any time inadequate for the payment to contributing members of the sums to which they will be entitled under the provisions of the scheme the amount of any deficiency shall from time to time be made good by the Corporation out of the borough rate or general district rate as the Corporation shall determine.
(3.) The Corporation may also pay out of the borough rate or general district rate or partly out of one and partly out of the other as the Corporation shall determine any salaries costs and expenses of the management and administration of the thrift fund and of and incidental to investments.
185. Prior to the scheme coming into operation it shall be submitted by the Corporation to an actuary being a Fellow either of the Institute of Actuaries of Great Britain and Ireland or of the Faculty of Actuaries in Scotland to be appointed by the council with the approval of a Secretary of State and such actuary shah consider such scheme and report thereon as to its solvency or otherwise In the event of such actuary reporting that in his opinion the scheme as a whole is a solvent one without recourse to the guarantee of the Corporation the scheme may come into operation but not otherwise.
Once in every five years after the commencement of the scheme it shall be submitted to an actuary to be appointed as aforesaid and in the event of such actuary recommending any modifications alterations or amendments therein such modifications alterations or amendments shall if approved by a Secretary of State be forthwith adopted by the Corporation If upon such actuary's recommendations the Corporation are satisfied that any addition (specified by him) may be made to all annuities payable within the following period of five years without risk that a deficiency in the funds may at any future time be thereby caused they may direct such addition to be made in all annuities for such period.
There shall be paid to such actuaries such reasonable remuneration as may be agreed or in case of difference as may be fixed by a Secretary
of State.
186. It shall be lawful for the Corporation from time to time but without prejudice
to the primary liability of the Corporation to enter into and carry carry into effect any contract with any company carrying on the business of life assurance for the undertaking by
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