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Establishment of Superannuation Fund.
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3.—(1) Subject to the provisions hereinafter contained the Corporation may establish a fund to be called the Superannuation Fund and the said fund shall be established for the payment of compensation authorised by this Act and the Corporation may pay into such fund out of the revenue of the gas undertaking such annual sums as the Corporation with the consent of the Minister may from time to time determine.
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(2) The Superannuation Fund shall be applied in the payment of compensation granted to employees under the provisions of this Act.
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(3) The moneys received by the Corporation by way of revenue from the gas undertaking may be applied for the purposes authorised by this Act in addition to the purposes authorised by section 40 of the Limerick Corporation Gas Act 1878 as amended by the Local Government Board (Ireland) Provisional Order Confirmation (No. 2) Act 1918.
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(4) The payment into the said Superannuation Fund may be made after providing for the payments directed by the paragraphs of section 40 of the Limerick Corporation Gas Act, 1878, as amended as aforesaid commencing with the words “firstly” “secondly” and “thirdly” respectively and before providing for the reserve fund as directed by the paragraph of the said section commencing with the word “fourthly.”
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