National School Teachers' Pension Fund (Winding-Up) Order, 1934.
AI-assisted research summary: This Order winds up the National School Teachers’ Pension Fund and directs its cash, securities, and related income to the Exchequer, while pensions and related sums move to Oireachtas-funded payments.
S.I. No. 43/1934 - National School Teachers' Pension Fund (Winding-Up) Order, 1934. STATUTORY RULES AND ORDERS. 1934. No. 43. NATIONAL SCHOOL TEACHERS' PENSION FUND (WINDING-UP) ORDER, 1934. WHEREAS it is enacted by section 10 of the Ministers and Secretaries Act, 1924 (No. 16 of 1924), that wherever the expenses or any part of the expenses of any public service assigned by or under that Act to any Department of State were at the date of the passing of that Act payable out of any specific departmental or other public funds other than the Central Fund or moneys provided by the Oireachtas, or any specific departmental or other public funds other than as aforesaid were at the date of the passing of that Act applicable to or towards the expenses or any part of the expenses of any such public service, it shall be lawful for the Executive Council by order to provide for the winding-up and the payment into or disposal for the benefit of the Exchequer, in such manner as the Minister for Finance may appoint, of the whole or any part of the specific departmental or other public funds out of which such expenses or any part thereof had theretofore been payable or which had theretofore been applicable in or towards the discharge of such expenses or any part thereof as aforesaid, and to declare that such expenses shall thereafter be paid out of moneys provided by the Oireachtas; AND WHEREAS at the date of the commencement of the said Ministers and Secretaries Act, 1924 , the Pension Fund established under the National School Teachers (Ireland) Act, 1879, was applicable to the discharge of expenses in respect of pensions and other sums chargeable on or payable out of the said Fund by or under the said National School Teachers (Ireland) Act, 1879; AND WHEREAS it is expedient that provision should be made for the winding-up of the said Pension Fund; NOW, the Executive Council, in exercise of the powers conferred on them by section 10 of the Ministers and Secretaries Act, 1924 (No. 16 of 1924), and of every and any other power them in this behalf enabling, do hereby order as follows:— 1. This Order may be cited for all purposes as the National School Teachers' Pension Fund (Winding-up) Order, 1934. 2. In this Order the expression "the Fund" means the Pension Fund established under the National School Teachers (Ireland) Act, 1879. 3. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of this Order in like manner as it applies to the interpretation of an Act of the Oireachtas. 4. The Fund shall be wound up as on and from the 1st day of April, 1934, and the cash balance standing on that day to the credit of the Fund (including all cash owing to but not actually paid into the Fund) shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may appoint. 5. The several securities mentioned in Part I of the Schedule hereto, being part of the Fund, shall be disposed of for the benefit of the Exchequer for capital purposes at such times and in such manner as the Minister for Finance may appoint. 6. The annual sum mentioned in Part II of the Schedule hereto, being part of the Fund, shall, during the financial year ending on the 31st day of March, 1935, and during every subsequent financial year, be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may appoint. 7. The expenses in respect of pensions and other sums, which would, but for this Order, be, by virtue of the National School Teachers (Ireland) Act, 1879, chargeable on or payable out of the Fund shall on and after the 1st day of April, 1934, be paid out of moneys provided by the Oireachtas. This 27th day of March, 1934. PART I. 1. ... 2 ¾% Guaranteed Stock. 2. ... 3% Guaranteed Stock. 3. ... Guaranteed Land Stock. 4. ... 3½% Conversion Stock. 5. ... 5% Second National Loan, 1950-60. 6. ... 4½% Land Bonds. 7. ... 3% Local Loans Stock. 8. ... 3½% Fourth National Loan, 1950-70. PART II. £26,598 being the interest, as apportioned to Saorstát Eireann, payable under section 3 of the National School Teachers (Ireland) Act, 1879, for the purposes of the Fund.