Textual Amendments
F1Sch. 26 shall cease to have effect for specified purposes (E.W.) (1.10.1996) by virtue of 1996 c. 52, s. 222, Sch. 18 Pt. IV para. 22(1)(b)(3); S.I. 1996/2402, art. 3, Sch.
12(1)Employees of a corporation shall be appointed at such remuneration and on such other terms and conditions as the corporation may determine.E+W+S
(2)A corporation may pay such pensions, allowances or gratuities as it may determine to or in respect of any of its employees, make such payments as it may determine towards the provision of pensions, allowances or gratuities to or in respect of any of its employees or provide and maintain such schemes as it may determine (whether contributory or not) for the payment of pensions, allowances or gratuities to or in respect of any of its employees.
(3)The reference in sub-paragraph (2) above to pensions, allowances or gratuities to or in respect of any of a corporation’s employees includes a reference to pensions, allowances or gratuities by way of compensation to or in respect of any of the corporation’s employees who suffer loss of office or employment or loss or diminution of emoluments.
(4)If an employee of a corporation becomes a member and was by reference to his employment by the corporation a participant in a pension scheme maintained by the corporation for the benefit of any of its employees, the corporation may determine that his service as a member shall be treated for the purposes of the scheme as service as an employee of the corporation whether or not any benefits are to be payable to or in respect of him by virtue of paragraph 9 above.
(5)A determination of the corporation for the purposes of this paragraph is ineffective unless made with the approval of the Secretary of State given [F2with the consent of the Minister for the Civil Service]]
Textual Amendments
F2Words in Sch. 26 para. 12(5) repealed (E.W.) (1.10.1996) by 1996 c. 52, s. 227, Sch. 19 Pt. XIII; S.I. 1996/2402, art. 3, Sch.
Modifications etc. (not altering text)
C1Sch. 26 para. 12: certain functions of the Minister for the Civil Service transferred to the Treasury by S.I. 1981/1670, art. 2; and any requirement in Sch. 26 for the consent or approval of the Treasury shall cease to have effect (E.W.) (1.10.1996) by 1996 c. 52, s. 222, Sch. 18 Pt. IV para. 22(1)(b)(3); S.I. 1996/2402, art. 3, Sch.