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Employees' superannuation schemes.
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6.—(1) As soon as conveniently may be after the passing of this Act, the Board shall prepare and submit to the Minister schemes for the payment, subject to such conditions and limitations as may be prescribed in the schemes, of superannuation benefits on retirement to persons in the permanent employment of the Board and may prepare different schemes for different classes of such persons.
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(2) A scheme under this section shall include provision for—
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(a) the setting up of a superannuation fund out of which superannuation benefits are to be paid,
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(b) the payment of contributions to the fund by persons to whom the scheme applies, and the making by the Board to the fund of payments equal to the aggregate of such contributions,
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(c) the payment by the Board of the expenses of administering the scheme and managing the fund,
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(d) the vesting of such fund in trustees and the appointment of such trustees from time to time as occasion requires,
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(e) the administration, investment and auditing of the accounts of such fund, and
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(f) the machinery for settling any dispute that may arise as to the eligibility of any employee for admission to membership of such scheme, the claim of any person to, or the amount of, any benefit payable under such scheme.
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(3) A scheme submitted and approved of under this section shall fix the time and conditions of retirement for all persons to whom superannuation benefits on retirement are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons.
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(4) When the Board has prepared a scheme under this section the Board shall, before submitting such scheme to the Minister—
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(a) publish in such manner as the Board thinks proper a notice intimating that such scheme has been prepared, and
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(b) make a copy of such scheme available during a period of twenty-one days for inspection by persons to whom it is to apply, and
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(c) receive and consider all representations made to the Board during the said period by or on behalf of any of the said persons, and
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(d) make such alterations in such scheme as the Board shall consider to be necessary or desirable having regard to the representations so made to them.
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(5) A scheme submitted to the Minister under this section shall, if approved of by the Minister with the concurrence of the Minister for Finance, be carried out by the Board in accordance with its terms.
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(6) The Board may at any time, with the approval of the Minister, amend a scheme under this section, and the requirements of subsection (4) and subsection (5) of this section shall apply in relation to any such amending scheme.
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(7) Every scheme submitted and approved of under this section shall be laid before each House of the Oireachtas as soon as may be after it is approved of and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
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(8) A superannuation fund set up under this section shall be deemed to be set up under an irrevocable trust.
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