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PART III
Redundancy Fund
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Establishment of the Redundancy Fund.
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26.—(1) For the purposes of this Act there shall be established a fund which shall be known as the Redundancy Fund, into which there shall be paid all moneys received by the Minister under this Part and out of which payments shall be made in accordance with this Act.
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(2) The Redundancy Fund shall comprise a current account, to be managed and controlled by the Minister, and an investment account, to be managed and controlled by the Minister for Finance.
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(3) Save where otherwise specifically provided, sums payable into the Redundancy Fund shall be paid into the current account thereof and sums payable out of the Redundancy Fund shall be paid out of that account.
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(4) Moneys standing to the credit of the current account of the Redundancy Fund and not required to meet current expenditure shall be transferred to the investment account of the Redundancy Fund.
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(5) Whenever the moneys in the current account of the Redundancy Fund are insufficient to meet the liabilities of that account, there shall be transferred to that account from the investment account of the Redundancy Fund such sums as may be necessary for the purpose of discharging those liabilities.
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(6) Subject to subsection (5), moneys standing to the credit of the investment account of the Redundancy Fund shall be invested by the Minister for Finance, and income arising from any such investment shall be paid into that account.
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(7) An investment pursuant to subsection (6) may be in any securities in which trustees are for the time being by law empowered to invest trust funds or in any of the stocks, funds and securities as are for the time being authorised by law as investments for Post Office Savings Bank funds.
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(8) Accounts of the Redundancy Fund shall be prepared in such form, in such manner and at such times as the Minister for Finance may direct and the Comptroller and Auditor General shall examine and certify every such account and a copy thereof, together with the report thereon of the Comptroller and Auditor General, shall be laid before each House of the Oireachtas.
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