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Superannuation schemes.
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44.—(1) The Board may prepare and submit to the Minister and shall, if so required by the Minister, submit to the Minister within such time as he may direct, a scheme (in this section referred to as a superannuation scheme) for establishing on a contributory basis a superannuation fund for the benefit of the employees or any particular class of the employees of the Board.
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(2) Where a superannuation scheme is submitted to the Minister under subsection (1) of this section, the Minister may refer the scheme back to the Board for reconsideration and resubmission and the Board shall reconsider and resubmit the scheme.
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(3) Where a superannuation scheme is submitted or resubmitted to the Minister under this section—
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(a) the Board shall publish in such manner as the Minister may direct a notice intimating that the scheme has been so submitted or resubmitted to the Minister and that any person may, during a specified period (not less than twenty-eight days from such publication), make to the Minister objections and representations in relation to the scheme,
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(b) the Board shall, during the said period, keep at its head office a copy of the scheme open for inspection by any interested persons at all reasonable hours,
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(c) the Minister shall before confirming the scheme consider any objections or representations in relation to it which have been made to him before the expiration of the said period.
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(4) The Minister may, subject to paragraph (c) of subsection (3) of this section and after consultation with the Minister for Finance, by order confirm, either without modification or with such modifications (whether by way of addition, omission or variation) as the Minister thinks proper, a superannuation scheme submitted or resubmitted to him under this section.
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(5) The Board may whenever it thinks proper prepare and submit to the Minister a scheme (in this section referred to as an amending superannuation scheme) amending (whether by addition, omission or variation) a superannuation scheme confirmed by the Minister or amending (whether by addition, omission or variation) or revoking an amending superannuation scheme for the time being in force, and the provisions of subsections (2), (3) and (4) of this section shall apply and have effect in relation to every amending superannuation scheme.
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(6) No superannuation scheme or amending superannuation scheme shall become operative unless and until it has been confirmed by order of the Minister, but, upon being so confirmed, shall come into operation on the date specified in that behalf in the order of the Minister confirming it and shall as on and from that date have the force of law in the form in which it was so confirmed
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(7) A fund set up for the purposes of a superannuation scheme shall be deemed to be set up under an irrevocable trust.
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(8) Every superannuation scheme and amending superannuation scheme confirmed by the Minister under section 44 of the Act of 1944 shall be deemed to be a superannuation scheme or an amending superannuation scheme confirmed under this section.
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