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5Each corporation shall—
(a)pay to its officers and servants such remuneration as the corporation may, subject to any directions of the Secretary of State, determine ; and
(b)as regards any officer or servant in whose case it may be determined by the corporation with the approval of the Secretary of State so to do, pay to or in respect of him such pension, or provide and maintain for him such pension scheme (whether contributory or not), as may be so determined.
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