Finance Act, 1940

Amendment of section 32 of the Finance Act, 1921.

7.Section 32 of the Finance Act, 1921 , is hereby amended by the deletion therefrom of paragraph (b) of sub-section (3) and the substitution in lieu of the paragraph so deleted of the following paragraph, that is to say:—

“(b) the fund has for its sole purpose the provision of annuities for all or any of the following persons in the events respectively specified, that is to say, for persons employed in the trade or undertaking, either on retirement at a specified age, or on becoming incapacitated at some earlier age, or for the widows, children, or dependants of persons who are or have been so employed, on the death of those persons.”