Electricity Supply Board (Superannuation) Act, 1942
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Financial provisions in relation to superannuation schemes. |
8.—(1) When a superannuation scheme has been confirmed by the Minister, the Minister may, by the order confirming such scheme or by a subsequent order made after consultation with the Minister for Finance, make regulations for all or any of the following purposes, that is to say:— | |
(a) providing for the setting up of the fund required by such scheme to be set up for the purposes thereof, and providing for the vesting of such fund in trustees and for the appointment of such trustees from time to time as occasion requires; | ||
(b) providing for the investment of such fund in accordance with this Act; | ||
(c) providing for the keeping and audit of the accounts of such fund; | ||
(d) prescribing the notice to be given by such trustees to the Board or by the Board to such trustees in respect of the repayment of moneys lent under this section by such trustees to the Board; | ||
(e) providing for such other matters relating to the establishment, maintenance, and administration of such fund as the Minister considers proper to be provided for. | ||
(2) The moneys comprised in a fund set up for the purposes of a superannuation scheme may be invested in one or more of the following ways, and in no other way, that is to say:— | ||
(a) in such securities for the time being authorised by law for the investment of trust funds as the trustees of the fund shall, after consultation with the Minister for Finance, think proper; | ||
(b) in such other securities for the time being approved of in that behalf by the Minister for Finance as the said trustees shall think proper; | ||
(c) in loans to the Board under the next following sub-section of this section. | ||
(3) It shall be lawful for the trustees of a fund set up for the purposes of a superannuation scheme to lend to the Board, and for the Board to borrow from such trustees, out of such fund such moneys as such trustees and the Board shall think proper, and whenever any such moneys are so lent by such trustees to the Board the following provisions shall apply and have effect, that is to say:— | ||
(a) the Board shall pay to such trustees interest on such moneys; | ||
(b) the said interest shall be paid at such rate as shall, with the consent of the Minister for Finance, be agreed upon by such trustees and the Board before the money is lent; | ||
(c) such moneys shall be repayable on such notice by such trustees to the Board or by the Board to such trustees, as shall be prescribed by regulations made by the Minister under this section; | ||
(d) such moneys shall be expended by the Board solely for the purpose of the exercise and performance of the powers and functions conferred by law on the Board; | ||
(e) such moneys and the interest thereon shall, by virtue of this section, be charged on and recoverable out of all property on which advances by the Minister for Finance to the Board and the interest and sinking fund payments in respect thereof are for the time being charged and shall, as against such property, rank next after the charges mentioned in section 16 of the Principal Act. | ||
(4) A fund set up for the purposes of a superannuation scheme shall be deemed to be set up under an irrevocable trust. |