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TRANSPORT ACT, 1958
Compensation of Certain officers and servants of the Board whose services are dispensed with.
1. In this Schedule “remuneration” shall be construed as including any cost of living or other bonus.
2. Compensation shall be calculated in the manner set out in the Fourth Schedule to the Act of 1950, subject to the following paragraphs.
3. Where the compensation payable to a person consists of an annual sum, the annual sum payable to him after he reaches the age of 65 years shall be calculated as if, for every reference in paragraph 3 of the said Fourth Schedule to one-sixtieth or to any multiple of one-sixtieth, there were substituted a reference to one-eightieth or to the same multiple of one-eightieth, subject to a maximum of one-half of his annual remuneration and emoluments.
4. Where he has commuted any annual amount under section 42 of the Act of 1950, the annual sum payable under paragraph 3 shall be reduced by the annual amount so commuted.
5. If a person in receipt of an annual sum holds any office or employment remunerated out of moneys provided by the Oireachtas or out of the Central Fund or is employed by a local authority or a board or body established by or under an Act of the Oireachtas or Saorstát Éireann statute (including the Board) or by Dundalk Engineering Works Limited or by a company (in this paragraph called a State-sponsored company) incorporated under the Companies Acts, 1908 to 1924, in which the majority of the ordinary shares are held by or on behalf of a Minister of State or by a company in which the majority of the ordinary shares are held by or on behalf of a State-sponsored company and the amount of the annual sum (before any commutation under section 42 of the Act of 1950 or reduction under this paragraph) together with his remuneration and emoluments under that office or employment for the time being exceeds his annual remuneration and emoluments from the Board on the date on which his services were dispensed with, the amount of the annual sum shall be reduced by the amount of such excess for the duration thereof.
6. The reference in paragraph 4 of the Fourth Schedule to the Act of 1950 to a dissolved undertaker shall include reference to the Board and to any railway undertaking transferred to the Board after the passing of this Act.
7. Where a person who is in receipt of an annual sum and to whom paragraph 4 of the Fourth Schedule to the Act of 1950 applies reaches the age of 65 years, the reduction thereafter falling to be made under subparagraph (a) of that paragraph shall itself be reduced so that the aggregate of the amount of the annual sum and an amount equal to the annual value of the superannuation or benefit to which he is also entitled is not less than that aggregate as it stood immediately before he reached that age.