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F1(1)The Holding Company may, after consultation with the staff associations or trade unions representing the members of any pension fund in relation to which the Holding Company has by virtue of section 68 of the Transport Act (Northern Ireland) 1967 M1 become subject to obligations in respect of pensions to former employees of the Authority, prepare and submit to the Ministry a Scheme or Schemes for securing the future payment of pensions to former employees of the Authority who are members of that fund.
(2)Nothing in any such Scheme shall adversely affect the rights of any person under the rules of any such fund as aforesaid.
(3)A Scheme shall not be submitted to the Ministry under subsection (1) unless a two-thirds majority of the members of any fund affected by that Scheme has, by secret ballot, approved the proposals in the Scheme.
(4)Where the Ministry is satisfied that a Scheme submitted to it under subsection (1) has been prepared and approved in accordance with the foregoing provisions of this section and will enable the Holding Company to discharge more efficiently its obligations mentioned in subsection (1), the Ministry shall, by regulations subject to affirmative resolution, approve the Scheme.
(5)As from such date as the Ministry approves a Scheme under subsection (4), the rights of any former employee of the Authority under the rules of any fund affected by the Scheme shall be subject to the provisions of the Scheme.
(6)The Holding Company shall guarantee the rights of any person under a Scheme approved under subsection (4).
(7)Any grant paid to the Holding Company under section 1 may be applied by it for the purpose of enabling it to meet any obligations imposed on it by any Scheme approved under subsection (4).
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