Section 9 in The Mumbai Port Trust (Pension Fund) Regulations, 2004
9. Interpretation.
- If any question arises relating to the interpretation of these regulations, the same shall be referred to Board of Trustees for decision.AnnexureTrust Deed-Mumbai Port Trust Pension FundThis Deed of Trust is executed at Mumbai on this day of January 2004, between the Board of Trustees of Port of Mumbai incorporated under Bombay Port Trust Act, 1873 and thereafter governed by Bombay Port Trust Act 1879 and now governed under the Major Port Trust Act, 1963 as amended by Major Port (amended) Act 1974 having its office at Port House, S.V. Road, Ballard Estate, Mumbai-400001 (hereinafter called "The Board" which expressions shall where the context so admits include its successors and assigns) of the First Part and(1)Chairman, Mumbai Port Trust, Ex-officio(2)Dy. Chairman, Mumbai Port Trust, Ex-offcio(3)Financial, Adviser & Chief Accounts Officer, Mumbai port Trust, Ex-officio and(4)Secretary, Mumbai Port Trust, Ex-officio(5)Two Trustees on the Board representing the Port Labourhereinafter referred to as the Trustees which expression shall, where the context so admits or requires include their successors and assigns of the Trustee on the Second Part.Whereas the Board has been in existence and providing the port services for over a century and was conferred with the exemption from income tax as per the provisions of Section 10(20) of the Income Tax Act, 1961 which has been withdrawn with effect from 1.4.2002 by the Finance Act, 2002.Whereas the Board is employing about 17021 employees and at present paying pension to about 26845 pensioners as on 31.3.2003.And Whereas the Board is liable to pay pension to its ex-employees in accordance with Mumbai Port Trust Employees (Pension) Regulations.Whereas the Board is having a Pension Fund created under Section 22(6A)(a) of Bombay Port Trust Act, 1879 for providing benefits to its officers/employees after their retirement and termination from their services as sanctioned by the Board by TR No. 937 of 1965 at its meeting held on 5.10.1965 and sanctioned by the Ministry of Surface Transport, Government of India by its letter No. 8-PE(42)/65 dated 4.11.1966 and has sanctioned by TR No. 137 at its meeting held on 11.9.2002 Mumbai Port Trust (Pension Fund) Regulations, 2002 and has also sanctioned by TR No. 5 at its meeting held on 13.1.2004, the amendments proposed to MbPT (Pension Fund) Regulations, 2002 and the creation of an irrevocable Trust for the said purpose subject to Central Government sanction.Whereas it has become necessary for the Trust to obtain the registration and approval of the Income Tax Department under the provisions contained in Schedule IV of the Income Tax Act, 1961 and accordingly this Trust Deed is executed for applying for and to obtain the registration and approval of the Income Tax Department for its existing Pension Fund ."The Fund" shall mean the Mumbai Port Trust Pension Fund (hereinafter referred to as "The Fund") the operation of which shall be governed primarily by these presents.Whereas the Trustees have agreed to act as Trustees of the Fund as per the terms of these presents and in accordance with the Rules and Regulations.Now This Deed Witnesseth That;Administration of Fund
