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2.—(1) The Corporation or any publicly-owned company may, for the purpose of section 40(1)(a) of the Act, establish and administer any pension scheme which has been approved by the Minister or participate in any such approved scheme established by another of those bodies; and may for the purposes of any such scheme as aforesaid contribute to any pension fund or execute or maintain any policy of assurance, bond, indemnity or other similar instrument.
(2) For the purposes of any such scheme as aforesaid the service of any person as a whole-time member of the Corporation may be treated as if it were service as an officer of the Corporation or of the publicly-owned company (as the case may be) if that person—
(a)was subject to that scheme immediately before becoming such a member; or
(b)is, by virtue of the Act and any regulations relating to pension rights made by the Minister under section 40 thereof, subject to another pension scheme, or entitled to rights, in relation to the Corporation or the publicly-owned company and agrees with the Corporation or the publicly-owned company (as the case may be) that in lieu thereof he shall become subject to the scheme in question.
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