Milk (Regulation of Supply) Act, 1994
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Superannuation for Boards' staff. |
4.—(1) On the dissolution of a Board by virtue of an order under section 3 (1), a superannuation scheme made by that Board under the Milk (Regulation of Supply and Price) (Amendment) Act, 1961 , referred to in this section as a “Board scheme”, shall be administered by the Minister. | |
(2) The Minister may, subject to the consent of the Minister for Finance, from time to time by a scheme (“an amending scheme”) made by him in accordance with this section amend a Board scheme for the purpose of granting superannuation benefits to or in respect of persons who were employed by a Board at any time prior to its dissolution and may make payments accordingly. | ||
(3) An amending scheme may, in particular, provide that— | ||
(a) where a member of the staff of a dissolved Board, whether or not a member of the Board scheme at the date of the dissolution of the Board, wishes to cease employment with the Board immediately before such dissolution and so informs the Minister before that date, and | ||
(b) the Minister considers that such cesser of employment would facilitate the sale or transfer of any part of the business carried on by the Board, | ||
the Minister may, with the consent of the Minister for Finance, make such payments to or in respect of the person concerned in compensation for such cesser of employment as the Minister considers appropriate. | ||
(4) The manner in which the payments referred to in subsection (3) are calculated shall be specified in the relevant amending scheme. | ||
(5) In the case of a person who was a member of a Board scheme, payments made pursuant to subsection (3) shall be in substitution for any benefits which would otherwise be payable to or in respect of the person under the Board scheme. | ||
(6) Every scheme made pursuant to subsection (2) shall be laid before each House of the Oireachtas as soon as may be thereafter and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. | ||
(7) Section 2 (1) (a) of the Milk (Regulation of Supply and Price) (Amendment) Act, 1961 , is hereby amended by the substitution for “for its chairman” of “to or in respect of its chairman” and the substitution for “for such classes of its permanent staff” of “to or in respect of persons being members of such classes of its permanent staff”. | ||
(8) All assets held on behalf of a scheme under the Milk (Regulation of Supply and Price) (Amendment) Act, 1961 , shall, on the dissolution of the Board to which it relates, stand transferred to and vested in the Minister without any conveyance or assignment and shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct. | ||
(9) All payments made by the Minister by virtue of this section shall be made out of moneys provided by the Oireachtas. |