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Financing of Redundancy Fund.
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27.—(1) For the purpose of providing moneys for making payments which under this Act are to be made out of the Redundancy Fund there shall be paid into the Fund—
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(a) weekly contributions which shall comprise a contribution (in this Part referred to as an employer's redundancy contribution) by employers and a contribution (in this Part referred to as an employee's redundancy contribution) by employees, and
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(b) advances as provided for in subsection (2).
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(2) The Minister for Finance may, on the recommendation of the Minister, advance from time to time to the Fund such sums as he thinks proper in order to enable the making of such payments out of the Fund as are required by this Act.
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(3) Advances to the Redundancy Fund under subsection (2) shall be made on such terms as to repayments, interest and other matters as the Minister for Finance, in consultation with the Minister, may determine.
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(4) All sums paid by the Fund in repayment of an advance under this section or in pursuance of any term or condition subject to which an advance was made under this section shall be paid into or disposed of for the benefit of the Exchequer.
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(5) All moneys from time to time required by the Minister for Finance to meet sums which may become payable by him under this section shall be advanced out of the Central Fund or the growing produce thereof.
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(6) The Minister for Finance may, for the purpose of providing for the advance of sums out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for that purpose, and for the purpose of such borrowing, he may create and issue securities bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he thinks fit, and shall pay all moneys so borrowed into the Exchequer.
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(7) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on and payable out of the Central Fund or the growing produce thereof.
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(8) The income and expenditure of the Redundancy Fund for a financial year shall be determined for the purposes of this section by the Minister on such basis as may be agreed on between him and the Minister for Finance.
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