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Superannuation scheme.
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44.—(1) The Company may prepare and submit to the Minister and shall, if so required by the Minister, submit to the Minister within such time as he may direct, a scheme (in this section referred to as a superannuation scheme) for establishing on a contributory basis a superannuation fund for the benefit of the employees or any particular class of the employees of the Company.
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(2) Where a superannuation scheme is submitted to the Minister under subsection (1) of this section, the Minister may refer the scheme back to the Company for reconsideration and fresh submission or by order confirm the scheme either without modification or with such modifications (whether by way of addition, omission or variation) as the Minister thinks proper.
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(3) The Company may whenever it thinks proper prepare and submit to the Minister a scheme (in this section referred to as an amending superannuate scheme) amending (whether by addition, omission or variation) a superannuation scheme confirmed by the Minister or amending (whether by addition, omission or variation) or revoking an amending superannuation scheme for the time being in force, and the provisions of subsection (2) of this section shall apply and have effect in relation to every amending superannuation scheme.
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(4) Before confirming any superannuation scheme or amending superannuation scheme, the Minister shall hear all parties desirous of being heard and appearing to him to be interested therein.
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(5) No superannuation scheme or amending superannuation scheme shall become operative unless and until it has been confirmed by order of the Minister, but, upon being so confirmed, shall come into operation on the date specified in that behalf in the order of the Minister confirming it and shall as on and from that date have the force of law in the form in which it was so confirmed.
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(6) A fund set up for the purposes of a superannuation scheme shall be deemed to be set up under an irrevocable trust.
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