IE-1947-act-21 — Great Southern Railways Company (Superannuation Scheme) Act, 1947

Short Title. 1. —This Act may be cited as the Great Southern Railways Company (Superannuation Scheme) Act, 1947. Definitions. 2. —In this Act— the expression “the Company” means Córas Iompair Éireann; the expression “the Corporation” means the Railway Clearing System Superannuation Fund Corporation; the expression “the new Fund” means the Fund established by the new superannuation scheme; the expression “the new superannuation scheme” means the scheme, a copy whereof is set out in the Schedule to this Act; the expression “the old Fund” means the Fund of the Corporation; the expression “the proposed British Bill” means a Bill, proposed to be promoted by the Corporation in the Parliament of the United Kingdom of Great Britain and Northern Ireland, providing (amongst other matters) for the transfer to the trustees of the new Fund of all the assets of the Corporation comprised in Section C and Section D of the old Fund, less the sum of £751 16s. 10d. (seven hundred and fifty-one pounds, sixteen shillings and ten pence), being an amount bearing the same proportion of the total expenses borne by the Corporation in connection with the re-organisation of the old Fund under the Railway Clearing System Superannuation Fund Act, 1941, as the membership (contributing and superannuated members) relating to the former Great Southern Railways Company bore to the total membership (contributing and superannuated members) of the old Fund as at the 30th day of June, 1941. Reimbursement of Corporation's expenses of promoting the proposed British Bill. 3. —The Company shall pay to the Corporation a sum equal to the costs and expenses incurred by the Corporation in connection with the proposed British Bill, whether the said Bill is enacted or not. Commencement of Part II. 4. —(1) Part II of this Act shall not come into operation unless and until the proposed British Bill has been enacted. (2) If the proposed British Bill is enacted on or before the date of the passing of this Act, Part II of this Act shall come into operation on the day which is three months after the date of the passing of this Act. (3) If the proposed British Bill is enacted after the date of the passing of this Act, Part II of this Act shall come into operation on the day which is three months after the date of the enactment of the proposed British Bill. PART II. Confirmation of new Superannuation Scheme and Provisions in relation to Sections C and D of the old Fund. The operative date. 5. —In this Part, the expression “the operative date” means the date on which this Part comes into operation. Confirmation of the new superannuation scheme. 6. —(1) The new superannuation scheme is hereby confirmed and given the force of law. (2) The new Fund shall be deemed to be set up under an irrevocable trust. Expenses of transfer of assets of Sections C and D of the old Fund. 7. —The Company shall bear the expenses incidental to and in connection with the transfer to the trustees of the new Fund of the assets comprised in Section C and Section D of the old Fund. Liability of Company to pay benefits to the extent to which the new Fund is insufficient. 8. —In the event of the new Fund being at any time insufficient to provide for the payment of any benefits immediately payable under the new superannuation scheme, the Company shall pay the said benefits to the extent to which the new Fund is insufficient to provide for the payment thereof. Amendment of section 45 of the Transport Act, 1944. 9. —(1) In this section, the expression “the Act of 1944” means the Transport Act, 1944 (No. 21 of 1944). (2) Section 45 of the Act of 1944 shall have effect as if the words “and includes the Railway Clearing System Superannuation Fund” did not occur in subsection (1) of that section. (3) Subsection (8) of section 45 of the Act of 1944 is hereby repealed. Provisions in relation to Sections C and D of the old Fund. 10. —(1) In this section— the expression “the transferred members” means the persons who, immediately before the operative date, are contributing or superannuated members of Section C or Section D of the old Fund, the expression “the existing liabilities of the Corporation” means any sum, being either— ( a ) a sum which accrued due before the operative date on foot of any periodical payment payable under the Rules of the Corporation to or in respect of a transferred member and which has not been paid, ( b ) any other sum which became due before the operative date under the Rules of the Corporation to or in respect of a transferred member and which has not been paid; the expression “the contingent liabilities of the Corporation” means any sum which, but for this section, would under the Rules of the Corporation become due on or after the operative date to or in respect of a transferred member, and includes any liability under Rule 6 of the Supplemental Rules contained in the Second Schedule to the Rules made under the Railway Clearing System Superannuation Fund Acts, 1873 to 1914. (2) On the operative date— ( a ) every transferred member shall cease to be a member of Section C or Section D (as the case may be) of the old Fund, ( b ) the existing liabilities of the Corporation and the contingent liabilites of the Corporation shall cease to be claims against the Corporation, and no claim shall be maintainable by any person against the Corporation or the trustees of the old Fund in respect thereof, ( c ) the existing liabilities of the Corporation shall be and become charges on the new Fund and shall be paid thereout by the trustees of the new Fund. (3) The Company shall pay to the Corporation a sum equal to any expenses incurred by the Corporation in relation to the administration of Section C or Section D of the old Fund and which have not been discharged out of Section C or Section D of the old Fund before the operative date.