S.I. No. 62/1964:

DUNDALK FOREMEN'S ANNUITY FUND (AMENDMENT) SCHEME (CONFIRMATION) ORDER, 1964.

DUNDALK FOREMEN'S ANNUITY FUND (AMENDMENT) SCHEME (CONFIRMATION) ORDER, 1964.

WHEREAS the Dundalk Foremen's Annuity Fund (in these recitals referred to as the Scheme) is an existing superannuation scheme within the meaning of section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958) :

AND WHEREAS Córas Iompair Éireann has, in pursuance of subsection (10) of the said section 15 and the Transport, Fuel and Power (Transfer of Departmental Administration and Ministerial Functions) Order, 1959 ( S.I. No. 125 of 1959 ), submitted to the Minister for Transport and Power a scheme (in these recitals referred to as the amending scheme) amending the Scheme :

AND WHEREAS the said Minister has thought it proper to modify the amending scheme in certain respects :

AND WHEREAS the said Minister proposes to confirm the amending scheme as so modified :

NOW, I, ERSKINE H. CHILDERS, Minister for Transport and Power, in exercise of the powers conferred on me by subsection (4) of section 44 of the Transport Act, 1950 (No. 12 of 1950), and having complied with paragraph (c) of subsection (3) of that section, hereby, after consultation with the Minister for Finance, and by virtue of the operation of subsection (10) of section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958), order as follows :

1. This Order may be cited as the Dundalk Foremen's Annuity Fund (Amendment) Scheme (Confirmation) Order, 1964.

2. The scheme (amending the Dundalk Foremen's Annuity Fund) submitted by Córas Iompair Éireann under subsection (10) of section 15 of the Great Northern Railway Act, 1958 (No. 20 of 1958), and modified by the Minister for Transport and Power (a copy whereof, as so modified, is set out in the Schedule to this Order), is hereby confirmed and shall come into operation on the 23rd day of March, 1964.

SCHEDULE.

DUNDALK FOREMEN'S ANNUITY FUND (AMENDMENT) SCHEME.

1. In this amending Scheme the following words and expressions shall have the meanings hereby assigned to them unless there is something in the subject matter or context repugnant to such construction :--

" The existing Scheme " means the Dundalk Foremen's Annuity Fund mentioned in the Agreement scheduled to the Great Northern Railway Act, 1958 , in so far as the same applies to any former officer or servant of the Great Northern Railway Board transferred to the Board.

" The Board " means Córas Iompair Éireann.

" This Scheme " means the existing Scheme as hereby amended.

" The Fund " means the Fund established for the purposes of this Scheme.

" Operative date " means the date prescribed by the Order confirming this Scheme as the date upon which this amending Scheme is to come into operation.

" The total amount then standing to his credit " means the total contributions of the member and of the Board and its predecessors in respect of such member together with interest thereon.

2. Where at any time on or after the 1st day of October, 1958, and before attaining 60 years of age, the services of any member of this Scheme are dispensed with by the Board in circumstances entitling him to compensation under section 14 of the Transport Act, 1958 , or section 17 of the Great Northern Railway Act, 1958 , such member may at his option, exercisable in the manner hereinafter provided, elect to leave his contributions (if not earlier withdrawn) in the Fund instead of receiving a refund thereof, in which event no further contributions will be made by either party but interest will continue to be allowed as provided by the existing Scheme and he shall be entitled, on reaching the age of 60 to receive the total amount then standing to his credit in the Fund.

3. The said option shall be exercised by notice in writing delivered to the Chief Accountant of the Board. Where the services of any such member as aforesaid have been so dispensed with prior to the operative date, he shall (provided he has not withdrawn his contributions before that date) be entitled to exercise the said option within four weeks from the operative date. In any other case, the said option shall, if exercised, be exercised within four weeks from the date upon which the services of such member are so dispensed with. No member entitled to exercise the said option shall have any right to a refund of his contributions before the period during which the said option may be exercised has expired.

4. If any member, who has duly exercised the said option, dies before reaching 60 years of age, the legal personal representative of such member will be entitled to receive the total contributions of the member and of the Board and its predecessors in respect of such member, but without interest, and the legal personal representative of such member so dying shall not have any further claim upon the Dundalk Foremen's Annuity Fund.

5. Where at any time on or after the 1st day of October, 1958, and after reaching the age of 60 years the services of any member of this Scheme are dispensed with by the Board in circumstances entitling him to compensation under section 14 of the Transport Act, 1958 , or section 17 of the Great Northern Railway Act, 1958 , such member shall be entitled to receive the total amount then standing to his credit in the Fund.

GIVEN under my Official Seal, this 23rd day of March, 1964.

ERSKINE H. CHILDERS,

Minister for Transport and Power.

EXPLANATORY NOTE.

The purpose of the Order is to confirm a scheme to amend the existing Dundalk Foremen's Annuity Fund to provide for the retention on a deferred basis of rights to superannuation benefits by members of the scheme in receipt of redundancy compensation.