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Edinburgh Merchant Company Order Confirmation 1996
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Purchase of annuities
89(1)At any time the trustees may, subject to a resolution passed by at least two-thirds of the contributors present and voting at a general meeting or special general meeting of the contributors, (but when there are less than 20 surviving annuitants the trustees shall)—
(a)purchase annuities for such surviving annuitants as the actuary shall in his sole discretion recommend; and
(b)out of the widows' fund, purchase from a life assurance company (being a member of the Association of British Insurers) and hold in respect of spouses of existing contributors a deferred annuity so that the income may be paid to the surviving spouse on the death of the contributor.
(2)A deferred annuity purchased in respect of any contributor shall be in such sum as the actuary shall in his sole discretion recommend.
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