Page:The Working and Management of an English Railway.djvu/44

30 contribution. The accumulated balance is Invested in the hands, and under the trust, of the Company, at such average rates of interest as the Company, from time to time, pay on their debenture bonds and mortgages, the interest being carried to the credit of the fund at the close of each half year. The fund is administered by a committee of six persons, three of whom are nominated by the directors, and three are elected by the members. In the event of the death of a member before superannuation, his representatives receive either the equivalent of half-a-year's average salary, calculated over the whole term of his contributions or the sum of his own contributions and those of the Company in his behalf, whichever be the greater. Any member retiring from the Company's service before superannuation, bonâ fide of his own accord, receives back one half the amount of his own contributions to the fund. A member whose engagement is terminated by the Company from any cause other than fraud or dishonesty receives the whole of his own contributions, but if he is dismissed for dishonesty, he may, in the discretion of the Committee, forfeit the whole.