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Termination of pension scheme and pension fund.
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8.—(1) The pension scheme and the pension fund shall, by virtue of this subsection, be terminated and cease to exist.
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(2) All property, whether real or personal (including choses-in-action), which, immediately before the transfer day, was vested in the trustees of the pension fund shall, on the transfer day and without any conveyance or assignment, but subject where necessary to transfer in the books of any bank, corporation or company, become vested in the Minister for Finance and shall be paid into, disposed of or held by him for the benefit of the Exchequer.
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(3) Every existing liability and every contingent liability of the pension fund shall, on the transfer day, become a liability of the Minister for Finance and shall be discharged by him out of moneys provided by the Oireachtas.
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(4) All property vested in the Minister for Finance by subsection (2) of this section, which, on the transfer day, is standing in the books of any bank, corporation or company in the names of the trustees of the pension fund shall, upon the request of the Minister for Finance, be transferred in such books into the name of that Minister.
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(5) Every chose-in-action vested in the Minister for Finance by subsection (2) of this section may be sued upon, recovered or enforced by that Minister in his own name, and it shall not be necessary for him to give notice to the person bound by such chose-in-action of the vesting effected by this section.
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(6) Where—
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(a) any general increase of remuneration was granted to the officers and employees of the Society after the 31st day of March, 1949, and before the transfer day, and
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(b) the subvention appropriate to that increase has not been paid into the pension fund before the transfer day,
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there shall be paid to the Minister for Finance out of the Fund such amount as that Minister, after consultation with the Minister, fixes as the amount equivalent to the said subvention and, on such amount being so paid, it shall be paid into, disposed of or held by the Minister for Finance for the benefit of the Exchequer.
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(7) In this section—
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the expression “existing liability” means, in relation to the pension fund, any sum which, immediately before the transfer day, stood due and payable out of that fund;
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the expression “contingent liability” means, in relation to the pension fund, any sum, which, but for this Part of this Act, would, on or after the transfer day, become due and payable out of that fund on foot of a periodical allowance which was granted before the transfer day.
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