Great Northern Railway Act, 1953

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Superannuation scheme.

39.—(1) The Board may prepare and submit to the Minister a scheme (in this section referred to as a superannuation scheme) for establishing on a contributory basis a superannuation fund for the benefit of the employees or any particular class of the employees of the Board or for amending a superannuation scheme already in force under this section.

(2) The Minister, after consultation with the Ministry, may, with the approval of the Minister for Finance, by order confirm, either without modification or with such modifications (whether by way of addition, omission or variation) as the Minister thinks fit, a superannuation scheme submitted under this section.

(3) No superannuation scheme shall become operative unless and until it has been confirmed by order of the Minister but, upon being so confirmed, it shall come into operation on the date specified in that behalf in the order and shall on and after that date have the force of law in the form in which it was so confirmed.

(4) A fund set up for the purposes of a superannuation scheme shall be deemed to be set up under an irrevocable trust.