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on the assets of the Special Fund, but not to exceed the rate specified by law. If a member dies while on the earl>, vested pension roi1, the total sum applicable at the time of death shall be paid to his/her named beneficiary and if no beneficiary has been named, then to his surviving spouse, child or children or estate respectively. SECTION 5, ANNUAL INSTALLMENTS. No less than 30 days before becoming eligible to receive a lump sum pension, a member of this association may make an irrevocable election that such pension shall be paid to him/her in no more than five consecutive annual installments. Upon election of installment payments, a member may receive his/her fa'st installment within thirty days of said election, thereafter said elected installment shall be paid by January 30th of each year. If a member (who has made such installment election) dies before all of his/her pension has been paid, any amount thereof remaining unpaid at the time of death shall be paid, in one lump sum, to his/her named beneficiary and if no beneficiary has been named then to his/her surviving spouse, child or children or estate respectively. The association shall add interest, compounded annually, at the rate actually earned on the assets of the Special Fund, but not to exceed the rate specified by law to the unpaid amount of installments owed to any member who has made an installment election, or to his/her survivors. SECTION 6, AMENDMENTS. The By-laws of this association may be amended at any regular or special meeting of the association by a favorable vote of two-thirds of the members present and voting, provided that a quorum is present; and provided further that written notice of any proposed amendment, and of the meeting thereon, shall have been mailed to each member in good standing of the association at least 10 days prior to the date of such meeting; and provided further that if such amendment or amendments shall change the amount of benefits or pensions, approval of the City Council of Ramsey must be obtained before such change may take effect. There shall be two readings of any proposed amendment to the By-laws. The second reading shall be a minimum of two weeks after the gu'st reading. Should amendment pass, (and upon approval of the City Council where applicable) it shall take affect immediately after the second reading. SECTION X, REPEAL. These By-laws upon adoption shall supersede the By-laws as amended heretofore in effect; said By-laws as amended being hereby repealed July 1, 1986