52. Out of the fund so constituted, the Corporation shall:
(a) continue to pay the retirement pensions granted by Montreal Light, Heat & Power Consolidated before the 15th of April 1944 or by the Corporation after such date in virtue of article 17 of the by-laws of the said company;
(b) pay the pensions and benefits payable under the retirement plan of a company or electricity cooperative respecting which it has made an agreement for the handing over of the fund of such plan;
(c) pay the pensions and benefits payable under by-law number 12 or a new by-law.