Industrial Development Authority Act, 1950
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SCHEDULE. First Members of the Industrial Development Authority. | ||
Section 2 (5) | ||
1. The appointments (made by the Minister for Industry and Commerce, with the approval of the Minister for Finance, by warrants dated the 26th day of May, 1949) of James Patrick Beddy as member and chairman and Kevin C. McCourt, Luke J. Duffy and John J. Walsh as members of the Industrial Development Authority shall take effect on the passing of this Act as appointments to the like offices of the Authority established by this Act for the period ending on the 25th day of May, 1954. | ||
2. The said James Patrick Beddy shall, as on and from the 26th day of May, 1949, be remunerated at a rate of not less than £2,500 a year and the said Kevin C. McCourt, Luke J. Duffy and John J. Walsh shall, as on and from the same date, be remunerated at a rate of not less than £2,000 a year. | ||
3. If the said James Patrick Beddy is chairman when he reaches the age of 65 years, he shall be entitled on resignation to a pension payable from moneys provided by the Oireachtas of an amount equal to that to which he would have been entitled if he had continued to serve with the Industrial Credit Company, Limited, after the 26th day of May, 1949, and had qualified for the full pension which he would have been entitled to be paid by that Company. | ||
4. (a) If at any time before he reaches the age of 65 years the said James Patrick Beddy is eligible for reappointment as Chairman and is not so reappointed, the provisions of paragraph (3) shall apply as if he had been so reappointed and had held office until he reached the age of 65 years. | ||
(b) This paragraph shall not have effect if the Minister declines to reappoint him because of stated misconduct or incapacity or if he refuses to accept reappointment. | ||
5. If the said James Patrick Beddy retires from the office of chairman on the ground of ill-health before reaching the age of 65 years, and his retirement is accepted by the Minister, he shall be entitled to be paid out of moneys provided by the Oireachtas such pension as he would have been entitled to had he then retired from the service of the Industrial Credit Company, Limited. | ||
6. The pension, whether arising under paragraph 3, 4 or 5, shall be computed by reference to the salary as chairman to which the said James Patrick Beddy shall have been entitled immediately before ceasing to hold office in the circumstances referred to in the relevant paragraph. | ||
7. Any award of pension under this Schedule shall be made by the Minister for Finance on the recommendation of the Minister for Industry and Commerce. | ||
8. If, after the award of pension, the pensioner holds a post remunerated out of moneys provided by the Oireachtas or out of the Central Fund or by a local authority or a board or body established under an Act of the Oireachtas or a Saorstát Éireann statute or jointly by two or more of the above-mentioned, then— | ||
(a) the pension shall not be payable for any period for which the remuneration equals or exceeds the salary by reference to which the pension was computed; | ||
(b) if for any period the sum of the pension and remuneration exceeds the said salary, the pension shall be reduced for that period by the amount of the excess. | ||
9. If, after the award of pension, a second pension is payable to the pensioner in respect of service in a post of a kind referred to in paragraph 8, then— | ||
(a) the pension under this Schedule shall not be payable for any period for which the second pension equals or exceeds two-thirds of the salary by reference to which the pension under this Schedule was computed; | ||
(b) if for any period the second pension is less than two-thirds of the said salary, the pension under this Schedule shall be reduced for that period to the amount of the deficiency. | ||
10. Payment of the pension shall be subject to the making by the pensioner of a declaration in such form and at such times as the Minister for Finance may require. | ||
11. (a) The Minister for Finance may determine that part of a payment in respect of the pension under this Schedule shall be borne by the Industrial Credit Company, Ltd. | ||
(b) If the Minister for Finance so determines, he shall also determine the amount of the payment to be borne by the Company and the Company shall pay that amount to the said Minister. | ||
(c) Any amount paid to the Minister for Finance under this paragraph shall be paid into or disposed of for the benefit of the Exchequer in accordance with the direction of the said Minister. |