The sole and simple purpose of this bill is to change the name of the society from "The Pension Fund Society of the Dominion Bank" to "The Pension Fund Society of the Toronto-Dominion Bank". Although the explanatory notes explain the reason for this desired change of name, it may be useful to give some further information.
The Bank of Toronto and the Dominion Bank were amalgamated under the provisions of the Bank Act and became the Toronto-Dominion Bank, effective February 1, 1955. Both banks had pension funds, that of the Dominion Bank was administered through the pension fund society of the Dominion Bank, and that of the Bank of Toronto through trustees.
Following the bank amalgamation, it was naturally desirable to amalgamate the two pension funds and full authority for this action was contained in a schedule to the amalgamation agreement which, under the
Bank Aet, has the force of law. After full consideration, it was considered that the society was the more convenient vehicle for the amalgamated fund and all necessary steps have been completed to vest the fund of the former Bank of Toronto in the society.
New by-laws governing the amalgamated pension fund have been prepared and approved by the income tax authorities and are in operation as of November 1, 1955. These by-laws, in which the best features of the rules covering the two former pension funds have been incorporated, have been authorized by the board of directors of the Toronto-Dominion Bank. They were also approved and adopted at a special general meeting of the members of the amalgamated fund held at the head office of the bank on Friday, February 17, 1956.
The action of the society in applying for this bill to have its name changed to a name which is now more appropriate to the circumstances was approved at a meeting of the board of directors of the society held on January 25, 1956, and subsequently by a unanimous vote of the special general meeting of the members of the society held on February 17, 1956, referred to above.
This society was incorporated in 1887 by a special act of the parliament of Canada, being chapter 55 of the statutes of that year, and that statute received a minor amendment in 1899 by chapter 112 of the statutes of that year.
Notice of the intention of the society to make application to parliament as above has been advertised in four issues of the Canada Gazette commencing on the 7th day of January, 1956, and is being advertised once per week for four weeks in the Globe and Mail commencing on the 17th day of February, 1956. No indication of any objection on the part of any member of the society or any member of the public has come to the attention of the society or the bank.
Topic: PRIVATE BILLS
Subtopic: PENSION FUND SOCIETY OF THE DOMINION BANK