Section 102, Cap. 287

The Directors may grant retiring pensions or annuities or allowances, Pensions andincluding allowances on death, to any person or to the widow or dependants allowances. of any person in respect of services rendered by him to the Company as Managing Director, Assistant Managing Director or in any other executive office or employment under the Company or indirectly as an executive officer or employee of any subsidiary company of the Company or of its holding company (if any), notwithstanding that he may be or may have been a Director of the Company and may make payments towards insurances or trusts for such purposes in respect of such persons and may include rights in respect of such pensions annuities and allowances in the terms of engagement of any such person. DIVIDENDS AND RESERVE FUND.