Abolition of Northern Ireland Redundancy Fund
3.—(1) The assets and liabilities of the Northern Ireland Redundancy Fund shall become assets and liabilities of the Northern Ireland National Insurance Fund and the Northern Ireland Redundancy Fund shall cease to exist.
(2) The Department of Economic Development shall prepare an account (in such form as the Department of Finance and Personnel may direct) showing the final state of the Northern Ireland Redundancy Fund, and shall send a copy of it to the Comptroller and Auditor General for Northern Ireland who shall examine, certify and report on the account and lay copies of it and of his report before the Assembly.
(3) References to the Northern Ireland Redundancy Fund in any statutory instrument (within the meaning of section 1(c) of the [1954 c. 33 (N.I.)] Interpretation Act (Northern Ireland) 1954) shall be construed as references to the Northern Ireland National Insurance Fund.
(4) Section 41 of the [1965 c. 19 (N.I.)] Contracts of Employment and Redundancy Payments Act (Northern Ireland) 1965 ) (power to make repayments where contributions paid in respect of certain employees not entitled to redundancy payment) shall cease to have effect.