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Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.
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33.—(1) The Commission may, at any time before the appointed day, make, with the approval of the Minister, a scheme providing for the following things, that is to say:—
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(a) the grant by the Bank of compensation for loss of office to the person who is the Chairman of the Commission immediately before the appointed day, provided that person is not appointed to be the Governor as on and from the appointed day, and
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(b) the grant by the Bank of compensation for loss of office to any person who is, immediately before the appointed day, a member of the Commission holding office otherwise than at the pleasure of the Minister and does not become a Director holding office as on and from the appointed day, and
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(c) the grant by the Bank of a superannuation allowance or gratuity to or for the benefit of every Governor who ceases to hold office otherwise than by becoming disqualified, and
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(d) the grant by the Bank of a superannuation allowance or gratuity to or for the benefit of every Director (other than a service Director) who devotes the whole of his time to his duties as such Director and ceases to hold office otherwise than by becoming disqualified.
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(2) If the Commission does not make under the foregoing sub-section of this section such scheme as is mentioned in that sub-section, it shall be lawful for the Board to make, with the approval of the Minister, such scheme on or at any time after the appointed day.
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(3) The Bank shall carry into effect the scheme made under the foregoing provisions of this section.
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(4) A scheme made under this section may provide that a Governor who has held office as Chairman of the Commission may, for the purposes of such scheme, add his period of service as such Chairman to his period of service as Governor and reckon both those periods as one continuous period of service as Governor.
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