B & I Line Act, 1991
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Rights of employees. |
6.—(1) If the Minister disposes of the shares of the Company held by him, every person who immediately before the disposal date of the shares was an employee of the Company, shall, on the disposal date, enjoy the same rights (including benefits under a pension scheme of the Company) and be subject to the same obligations as he enjoyed and was subject to immediately before the disposal date. | |
(2) In this section (except where the context otherwise requires)— | ||
“Company” includes any subsidiary (within the meaning of the Companies Act, 1963 (No. 33 of 1963)) of the Company; | ||
“disposal date”, in relation to the shares referred to in subsection (1) of this section, means the day on which the shares are sold or otherwise disposed of by the Minister or, if the shares are so sold or otherwise disposed of on more than one day, the latest such day; | ||
“pension scheme of the Company” means a scheme, arrangement or fund established in connection with the business of the Company for the provision of benefits, namely, pensions, annuities, lump sums, gratuities or other like payments, on retirement or resignation or on death (whether before or after retirement or resignation) for employees of the Company or their dependants. |