Sugar Act, 1991

Rights of employees.

6.—(1) Every person who immediately before the transfer date was an employee of the Company, shall, on the transfer date, enjoy the same rights (including rights under a pension or superannuation scheme of the Company) and be subject to the same obligations as he enjoyed and was subject to immediately before the said date.

(2) In this section (except where the context otherwise requires):

“benefit” means any pension, annuity, lump sum, gratuity or other like payment given on retirement or payable after retirement in respect of past service or on or in connection with death during service or after retirement;

“Company” includes any subsidiary of the Company;

“pension or superannuation scheme of the Company” means a scheme, arrangement or fund established in connection with the business of the Company for the provision of benefit for the employees of the Company or their dependants on their retirement or death;

“subsidiary” has the meaning assigned to it by section 155 of the Companies Act, 1963 (No. 33 of 1963);

“transfer date” means the date on which the Minister transfers his shares in the Company to the Holding Company.