§
If this Act or any of the provisions of this Act be adopted by a local authority having an existing superannuation fund or scheme in operation, such local authority shall prepare a scheme for substituting for such superannuation fund or scheme a superannuation fund under the provisions of this Act and providing for (among other things) the application, transfer, or disposal of any then existing funds, securities, or policies of insurance or the proceeds thereof, and for adequately protecting the rights and interests of the various parties interested in such existing superannuation fund or scheme, including any members of such existing fund or scheme not assenting to the adoption of this Act or of any of the provisions of this Act.
A scheme under this Section shall be submitted by the local authority to the Minister of Health for his approval, and this Act shall not become operative in the case of such local authority until such scheme, with or without modification, shall have been approved by the Minister of Health.
§ Amendments made:
§ Leave out the words "or any of the provisions of this Act" ["If this Act or any of the provisions of this Act be adopted"].
§ Leave out the words "not assenting to the adoption of this Act or of any of the provisions of this Act."—[Sir H. Nield.]