Social Welfare Act, 1952
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Transfers to the Fund in certain cases. |
67.—(1) On the appointed day, all assets of any fund to which this section applies shall become assets of the Fund and all liabilities of such fund shall become liabilities of the Fund. | |
(2) For the purposes of subsection (1) of this section, the following provisions shall have effect— | ||
(a) all assets of any fund to which this section applies being investments (including moneys in any investment account) held on behalf of such fund shall, on the appointed day, become transferred by virtue of this section to the investment account of the Fund, | ||
(b) all assets of any fund to which this section applies (other than those transferred by the foregoing paragraph) which are capable of being transferred to the current account of the Fund shall, on the appointed day, become so transferred, | ||
(c) all other assets of any fund to which this section applies shall, on and after the appointed day, be held by the Minister on behalf of the Fund, | ||
(d) any investment transferred by paragraph (a) of this subsection which is standing in the books of any bank, corporation or company in the name of any person other than the Minister for Finance shall, upon the request of that Minister, be transferred in such books into the name of that Minister, | ||
(e) any asset transferred by paragraph (b) of this subsection which is standing in the books of any bank, corporation or company in the name of any person other than the Minister shall, upon the request of the Minister, be transferred in such books into the name of the Minister, | ||
(f) where any chose-in-action becomes under this section an asset of the Fund, it shall not be necessary to give notice of anything effected by this section to the person bound by such chose-in-action. | ||
(3) In this section— | ||
“assets” includes all property, whether real or personal (including choses-in-action); | ||
“fund to which this section applies” means— | ||
(a) any fund established under any enactment repealed by this Act, or | ||
(b) the Pensions Investment Account under the Widows' and Orphans' Pensions Act, 1935 (No. 29 of 1935), or | ||
(c) the Insurance Fund under the Insurance Industry Unemployment Insurance Scheme (Insurance Fund) Order, 1923. | ||
(4) In particular and without prejudice to the generality of subsection (3) of this section, any reference in this section to assets of a fund includes a reference to any sum (whether or not the amount thereof has been ascertained before the appointed day) which stands payable under any enactment repealed by this Act to that fund immediately before the appointed day, or would, but for the said repeal, become payable to that fund thereafter in relation to any period ending immediately before the appointed day or previously, and, if and in so far as may be necessary for the purpose of ascertaining any such sum on or after the appointed day and of transferring it into the Fund pursuant to this section, the said enactment shall be deemed not to have been repealed. | ||
(5) The recurring liabilities, arising after the appointed day on account of the vesting which was effected by subsection (2) of section 8 of the Social Welfare Act, 1950 (No. 14 of 1950), of the Minister to the Minister for Finance may be discharged by a single payment by way of composition and the amount of the single payment shall be such as may be agreed upon between the Minister and the Minister for Finance. |