Superannuation of members of Board.
119.—(1) The Minister may, with the consent of the Minister for Finance, make a scheme or schemes for the granting of pensions, gratuities or other allowances to or in respect of the chairperson and ordinary members ceasing to hold office.
(2) A scheme under this section may provide that the termination of the appointment of the chairperson or of an ordinary member during that person's term of office shall not preclude the award to him or her under the scheme of a pension, gratuity or other allowance.
(3) The Minister may, with the consent of the Minister for Finance, amend a scheme made by him or her under this section.
(4) If any dispute arises as to the claim of any person to, or the amount of, any pension, gratuity, or allowance payable in pursuance of a scheme under this section, the dispute shall be submitted to the Minister who shall refer it to the Minister for Finance, whose decision shall be final.
(5) A scheme under this section shall be carried out by the Board in accordance with its terms.
(6) No pension, gratuity or other allowance shall be granted by the Board to or in respect of any person referred to in subsection (1) ceasing to hold office otherwise than in accordance with a scheme under this section.
(7) Every scheme made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and if either such House, within the next 21 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.