PART II.

Confirmation of new Superannuation Scheme and Provisions in relation to Sections C and D of the old Fund.

5. —In this Part, the expression “the operative date” means the date on which this Part comes into operation.

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.

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.

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.

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(3) Subsection (8) of section 45 of the Act of 1944 is hereby repealed.

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.