Pensions Act, 1990
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Appointment and removal of trustees by Board. |
64.—(1) Where, in relation to a scheme, there are no trustees or the trustees cannot be found, the Board may, if it considers it necessary to do so, on application to it in that behalf by a person having an interest by order under its seal— | |
(a) appoint a new trustee or new trustees of the scheme in substitution, where appropriate, for any existing trustee or trustees; and | ||
(b) vest, subject where necessary to transfer in the books of any bank, corporation or company, the assets of the scheme in the persons appointed trustees of the scheme by the order. | ||
(2) The Board shall— | ||
(a) not less than 14 days before the date on which it proposes to make an order under this section, publish a notice in a daily newspaper circulating throughout the State stating the proposal and giving particulars of the proposed order, | ||
(b) within 10 days after the date of the making of the order, publish a notice in a daily newspaper circulating throughout the State stating the proposal and giving particulars of the proposed order. | ||
(3) Every trustee of a scheme appointed under this section shall, as well before as after the resources of the scheme become by law vested in him, have the same powers, authorities and discretions and may in all respects act as if he had been originally appointed a trustee by the rules of the scheme. | ||
(4) (a) A person having an interest may, within 21 days after the publication of a notice under subsection (2) (b) (or such longer period as the court may fix, being a period that, having regard to the circumstances of any particular case, the court considers to be reasonable), appeal to the court against the making of the order to which the notice relates. | ||
(b) On an appeal under this subsection the court may make such order confirming, annulling or varying the order concerned and such order as to costs as it thinks fit, but if the court annuls or varies an order under this section that has come into operation, the annulment or variation shall be without prejudice to the validity of anything previously done thereunder. | ||
(c) The Board, the trustees, the employer and the members of the scheme concerned shall be entitled to be represented and heard on any appeal under this subsection. | ||
(d) An order under this section shall not come into operation— | ||
(i) during the period of 21 days from the date of the publication of the notice under subsection (2) (b) in relation to the order, or | ||
(ii) if an appeal against the order is brought during the period aforesaid, before the final determination of the appeal or any appeal from such determination the withdrawal of either such appeal. | ||
(5) An order under this section may make provision for such ancillary and consequential matters (including the vesting of the property of the scheme concerned in the trustees appointed by the order and (notwithstanding anything contained in the rules of the scheme) the making of payments from the resources of the scheme to the trustees appointed by the order in respect of fees, expenses or other matters relating to their duties as such trustees) as the Board considers necessary or expedient. | ||
(6) An order under this section shall not operate as a discharge of any liabilities of a former trustee of the scheme concerned to any greater or different extent than the appointment of new trustees under any power for that purpose contained in any instrument would have operated. | ||
(7) Where a body corporate is appointed under this section to be, or a body corporate appointed under this section becomes, sole trustee of a scheme the terms of which provide for or require the appointment of more than one trustee, then, during such time as the body corporate holds the office of trustee of the scheme and is the only such trustee— | ||
(a) the rules of the scheme shall be deemed to provide for or require the appointment of one trustee only, and | ||
(b) one trustee only shall be deemed to have been originally appointed under the terms of the scheme. | ||
(8) Where any land of which the ownership is registered under the Registration of Title Act, 1964 , becomes vested, by an order under this section, in any person or persons, the registering authority under that Act shall, upon production of a copy of the order sealed with the seal of the Board, and upon payment of the appropriate fee, register that person or those persons in the appropriate register maintained under that Act as owner (within the meaning of that Act) of the land. | ||
(9) Where an order is made under this section, any assets vested by the order that immediately before the commencement of the order were standing registered in the books of any bank, corporation or company or were entered in any register kept in pursuance of any enactment in the names of the former trustees of the scheme concerned shall, upon production after such commencement of a copy of the order sealed with the seal of the Board, be transferred into the names of the new trustees of the scheme. |