No. 218/1943:

ELECTRICITY SUPPLY BOARD (GENERAL EMPLOYEES SUPERANNUATION FUND) REGULATIONS, 1943.

ELECTRICITY SUPPLY BOARD (GENERAL EMPLOYEES SUPERANNUATION FUND) REGULATIONS, 1943.

WHEREAS in pursuance of subsection (2) of section 5 of the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942), the Minister for Industry and Commerce has, after consultation with the Minister for Finance, by order entitled the Electricity Supply Board (Confirmation of General Employees Superannuation Scheme) Order, 1943 ( S. R. & O. No. 182 of 1943 ), confirmed with modifications the Electricity Supply Board General Employees Superannuation Scheme :

AND WHEREAS it is provided by subsection (1) of section 8 of that Act that where a superannuation scheme such as aforesaid has been confirmed, the Minister for Industry and Commerce may by order make regulations providing for the setting up of the fund required by the scheme to be set up for the purposes thereof and providing for and prescribing other matters:

NOW, the Minister for Industry and Commerce, in exercise of the powers conferred on him by section 8 of the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942), and of every and any other power him in this behalf enabling, by this Order makes the following regulations :

1. These Regulations may be cited as the Electricity Supply Board (General Employees Superannuation Fund) Regulations, 1943.

2. In these Regulations—

the expression " the Act " means the Electricity Supply Board (Superannuation) Act, 1942 (No. 17 of 1942) ;

the expression " the Board " means the Electricity Supply Board ;

the expression " the Scheme " means the Electricity Supply Board General Employees Superannuation Scheme ;

the expression " the Committee " means the Electricity Supply Board General Employees Superannuation Committee for the time being duly appointed for the purposes of the Scheme ;

the expression " the Fund " means the Electricity Supply Board General Employees Superannuation Fund ;

the expression " the Trustees " means the trustees under these Regulations of the Fund ;

the word " trustee " means one of the Trustees ;

the expression " accounts of the Fund " means accounts of the Fund kept in pursuance of Article 12 of these Regulations ;

the expression " accounting period " means, in relation to accounts of the Fund, the period for which the accounts are, in accordance with Article 12 of these Regulations, made up ;

the expression " balance sheet " means a balance sheet of the Fund prepared in pursuance of Article 12 of these Regulations ;

the expression " the auditors " means the auditors or auditor appointed under Article 14 of these Regulations.

3. The Fund shall be set up on the 31st day of May, 1943.

4. There shall be trustees of the Fund.

5. On the setting up of the Fund, the following persons shall be the Trustees :

Richard F. Browne, of 13 Palmerstown Park, Dublin.

Arthur Cox, of 42 and 43 St. Stephen's Green, Dublin.

Patrick J. Dempsey, of Purbeck Lodge, Monkstown, Dun Laoghaire.

6. (1) The Board may appoint a trustee.

(2) The Board may by deed remove a trustee and need not assign any reason for the removal.

(3) A trustee may resign by giving notice in that behalf in writing to the Board.

(4) The number of the Trustees shall be any number, not less than three, which the Board from time to time think proper.

7. All moneys from time to time forming part of the Fund, the investments representing the Fund, and the dividends, interest or other income of the Fund shall be vested in the Trustees who shall stand possessed thereof upon trust to dispose of them in accordance with the Act, the Scheme, and these Regulations.

8. The trusts and functions vested in or exercisable by the Trustees shall be capable of being performed or carried out by a majority of the Trustees and anything done by such majority shall be as valid and effectual as it would have been if done by all the Trustees.

9. All moneys received by any person for the purposes of the Fund shall forthwith be paid to the Trustees.

10. (1) The moneys comprised in the Fund and not required for current purposes shall be invested in one or more of the ways mentioned in subsection (2) of section 8 of the act.

(2) A notice given in pursuance of paragraph (c) of subsection (3) of section 8 of the act shall be a ninety days' notice in writing.

11. The Trustees shall make provision for the payment of the pensions and other benefits authorised under the Scheme by lodging from time to time to the credit of the Committee, upon current account in any Bank selected by the Committee for the purpose, such amounts taken from the income and, if necessary, the capital of the Fund as the Trustees, after consultation with the Committee, consider necessary to enable the Committee to discharge the current outgoings on such pensions and benefits.

12. (1) The Trustees shall keep proper accounts of the income and expenditure of the Fund and of the assets and liabilities of the Fund.

(2) The accounts of the Fund shall be made up to the 31st day of March (inclusive of that day) in each year.

(3) As soon as may be after the 31st day of March in each year, the Trustees shall prepare a balance sheet showing the state of the Fund at the close of that day and such balance sheet shall be signed by at least two of the Trustees.

13. (1) The Trustees shall submit the accounts of the Fund for each accounting period and the balance sheet showing the state of the Fund at the close of that period for audit by the auditors appointed in relation to that period.

(2) The Board shall pay the expenses (including auditors' fees as fixed by the Board) of every audit in pursuance of this Article.

14. (1) The Board shall appoint auditors or an auditor to audit the accounts of the Fund for each accounting period.

(2) Where an auditor appointed under this Article ceases to hold that office before the completion of the audit for which he was appointed, the Board shall appoint another auditor in his place.

(3) The Board may remove an auditor appointed under this Article.

15. The Trustees and their officers shall afford to the auditors access at all reasonable times to the books and documents relating to the Trustees and the Fund and shall furnish them with any information which they may reasonably require for the purpose of carrying out their duties.

16. (1) The auditors shall, as soon as may be after the termination of the accounting period in relation to which they were appointed, make a report on the accounts of the Fund for that period and on the balance sheet showing the state of the Fund at the close of that period and the report shall state—

(a) whether or not they have obtained all the information and explanations which they have required, and

(b) whether, in their opinion, the balance sheet is properly drawn up so as to give a true and correct view of the state of the Fund according to the best of their information and the explanations given to them and as shown by the books of the Trustees.

(2) Where the auditors have made a report under this Article, they shall send a copy of the report and of the balance sheet to which it refers to the Minister for Industry and Commerce, to the Board, and to the Committee.

17. Any member of the Scheme may apply to the Trustees for a copy of any balance sheet on which the auditors have made a report under these Regulations and the Trustees shall thereupon furnish him with a copy of such balance sheet and of such report.

18. (1) The Board may appoint such officers of the Trustees as they think fit to assist the Trustees in the administration of the Fund.

(2) An officer appointed under this Article shall perform the duties assigned to him by the Trustees.

(3) The Board may remove an officer appointed under this Article.

GIVEN under the Official Seal of the Minister for Industry and Commerce, this 31st day of May, 1943.

(Signed) SEÁN F. LEMASS.