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Continuance of existing superannuation schemes in relation to employees of Dundalk Works.
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16.—(1) In this section—
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“existing superannuation scheme” means a pension or staff fund referred to in the scheduled agreement in so far as it applies to any former officer or servant of the outgoing Board employed by the Company, such fund being taken as having continued to apply to him after such employment;
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“member” means any such former officer or servant.
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(2) The outgoing Board shall transfer to the Company the securities and moneys held by it for the purposes of an existing superannuation scheme certified by an actuary appointed jointly by the Minister and the Ministry to be appropriate to its members, to be held by the Company for the same purposes.
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(3) The Company, subject to the approval of the Minister, shall from time to time appoint trustees for the purposes of any existing superannuation scheme and shall transfer the securities and moneys held by it for the purposes of the scheme to the said trustees.
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(4) Subject to the provisions of this section, every existing superannuation scheme and the management thereof shall, on and after the transfer date, continue in being.
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(5) For the purposes of any enactment and of rules and regulations relating to any existing superannuation scheme, the following provisions shall, on and after the transfer date, have effect:
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(a) any power of the outgoing Board or any officer thereof in relation to the said scheme may be exercised by the Company or any officer of the Company authorised by the Company in that behalf;(b) the service or employment or dismissal under or by the Company of any former officer or servant of the outgoing Board who is employed by the Company shall be deemed to be service or employment or dismissal under or by the outgoing Board;
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(c) where under the rules of the said scheme the outgoing Board is empowered to appoint officers and servants to any managing committee, the Company in exercising those powers shall appoint officers or servants of the Company who are members of the said scheme.
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(6) The obligations, whether obtaining legally or by customary practice, of the outgoing Board in respect of any existing superannuation scheme and in respect of every member of the said existing superannuation scheme shall be binding on the Company.
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(7) All persons who are or have been members of any existing superannuation scheme and all persons claiming in right of any such members shall continue to be entitled to the same benefits, rights and privileges and subject to the same obligations, whether obtaining legally or by customary practice, as heretofore.
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(8) Any former officer or servant of the outgoing Board employed by the Company who is not a member of any existing superannuation scheme shall, so long as he remains in the service of the Company, have the same right (if any) to become a member of any such scheme as heretofore.
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(9) Where a member of an existing superannuation scheme leaves the service of the Company the trustees of the scheme may, on the application of the member and if the Minister, having regard to all the circumstances, so thinks proper, transfer the proportion of the amount to the credit of the scheme properly attributable to him to any other superannuation scheme of which he becomes a member.
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(10) Nothing in this section shall be construed as preventing the Company from amending an existing superannuation scheme in accordance with a power in that behalf contained therein.
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(11) An existing superannuation scheme shall be deemed to have been set up under an irrevocable trust.
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(12) References in this section to an existing superannuation scheme are to the scheme as adapted by section 40 of the Act of 1953.
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