St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1909-04-14

deposits. shall entitle him according to
the tables adopted by the Trustees.
B. REFUNDS:
Should a member who has made de-
posits under Section V (b) cease to be an
EMPLOYEE of the Railroad, whatever the
cause. before becoming entitled to
pension. in such case there shall be
refunded to him or to his legal rep
resentatives all said deposits with such
interest as the Trustees determine shall
have been earned on said deposits.
TAXATION. ATTACHMENTS AND
ASSIGNMENTS.
SECTION VII. The funds of the Pension
System so far as they are invested in
personal property, shall be exempt from
| taxation.
That portion of the wages of men,
| Der deducted or to be deducted under
this Act, the right of member to an
annuity or pension, and all his rights in
the funds of the Pension System shall
be exempt from taxation, and from the
operation of any law relating to bank
ruptcv or insolvency, and shall not be
attached or taken upon execution or
other process of any court. No assign
ments of any right in or to said funds
shall be valid.
SECTION VIII. The Insurance Com
missioner and the State Actuary shall at
least once in each year. and whenever
they consider it expedient, together,
either personally or by deputy or assis-
tant, thoroughly inspect and examine
II 4 h
ascertain it's financial condition, its
ability to fulfill it's obligations, whether
all parties in interest have complied with
the provisions of law applicable to the
Pension system, and whether the trans
actions of the Trustees have been in
accordance with the rights and equities
of those in interest.
The Pension System shall be credited,
in the account of its financial condition,
| with the amounts due from the Railroad
under the provisions of Section Y ~ B
(a), it's investments with fixed maturi
ties at amortized values and its other
investments at a reasonable valuation.
For the purpose aforesaid, the Insur-
ance Commissioner and the State Actu-
airy or other person making the exami-
| udllOU, Shall AdfC cNNSoo ~ OH tAS 81
curities, Books and papers Of the Pen
sion System, and may summon and adj
minister oaths, and examine as witnesses
the Trustees or any other persons rela-
tive to the financial affairs, transactions
and condition of the Pension System.
The Insurance Commissioner shall pre-
serve in a permanent form full record
of the proceedings at such examination,
and the results thereof Upon the COM
pletion of such examination, veri6cation
and valuation the Insurance Commits
sioner and the State Actuary shall make
Joint report in writing of their findings
to the Trustees, and shall send a copy
thereof to the President of the Railroad.
The Pension System shall not be DEEM
ed to be an insurance company under the
laws of the Commonwealth.
SECTION TX. If the Insurance Commits
sioner and the State Actuary fail to
agree in any matter concerning the Pen
, sion System, as to which their joint ap-
prevail is provided for, or as to which
action is required to be or should be
, taken by the Trustees or the Railroad,
the direction of the Insurance Commits
sioner, given in writing, shall be final
and conclusive; but in such event the
Insurance Commissioner and the State
Actuary shall each file in the office Of
the Insurance Commissioner a state.
ment in writing of the reasons for his
opinion, and shall send copies Thereof
to the Trustees, and to the President o.
the Railroad.
SECTION X. If in the judgment of the
Insurance Commissioner, the Railroad
=, or the Trustees have violated or neglec
ted to comply with any of the provis
ions of this Act, or of the rules and
regulations established by the Trustees
hereunder, he shall give notice Thereof
to the Railroad and to the Trustees, and
! thereafter if such violation or neglect
continues, shall forthwith present the
facts to the attorney general tor his ac
: ton.
SECTION XI. The Supreme Judicial
Court or the Superior Court shall have
jurisdiction in equity upon petition of the
Insurance Commissioner or any interest
: ed party to compel the observance anc
restrain the violation of this Act, and o
the rules and regulations established by
the Trustees hereunder.
SECTION XII. This Act shall take eff
feet upon its passage.