Irish Shipping Limited (Payments To Former Employees) Act, 1994

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Payment of lump sum to former employees of company.

2.—(1) Subject to the subsequent provisions of this Act, the Minister shall, on application to the Minister in that behalf by a former employee or, if the former employee has died whether before or after the passing of this Act, by his or her personal representative, pay to the former employee or the personal representative, as the case may be, out of moneys provided by the Oireachtas, a sum (referred to in this Act as “a lump sum”) calculated in accordance with the provisions of subsection (2) of this section.

(2) The amount of a lump sum under subsection (1) of this section shall be an amount equal to the product of three times the former employee's normal weekly remuneration (within the meaning of the Act of 1967) and the number of years (within the meaning of Schedule 3 of that Act) of service with the company.

(3) The amount of a lump sum under subsection (1) of this section shall not exceed £50,000.

(4) Schedule 3 (other than paragraphs 1 and 2 thereof) of the Act of 1967 shall apply, with any necessary modifications, in relation to a lump sum as it applies in relation to a lump sum (within the meaning of that Act).