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The Collaborative International Dictionary of English v.0.48:

Pensionary \Pen"sion*a*ry\, n.; pl. Pensionaries. [Cf. F. pensionnaire. Cf. Pensioner.] 1. One who receives a pension; a pensioner. --E. Hall. [1913 Webster] 2. One of the chief magistrates of towns in Holland. [1913 Webster] Grand pensionary, the title of the prime minister, or or president of the Council, of Holland when a republic. [1913 Webster]