We, the Governing Body of University College, Cork, under and by virtue of the powers in that behalf conferred on us by the said Act, Do by this present instrument under the Seal of University College, Cork, make the Statute contained in the Schedule hereof for the general government of the said College.
Given under the Common Seal of University College, Cork, this 3rd day of May, One Thousand Nine Hundred and Eighteen.
Present when the Common Seal of University College, Cork, was affixed:
I.-Statutes I. to X. of University College, Cork, shall be read and construed with the additions, modifications and amendments as hereunder set forth.
Chapter XXV. of Statute I. is hereby revoked, an Actuarial Report having been obtained in accordance with Section 3 of the said Chapter XXV., and the sum of Ten Thousand Pounds having been set aside in different sums at different dates in accordance with Section 2 of said Chapter XXV.
Out of the income granted for the maintenance of the College under the provisions of the Act of 1908, or out of any moneys of the College applicable thereto, an annual sum of £1,200 shall be set apart as from 1st October, 1917, a fund for the purpose of securing the pensions payable at present or in future to the following persons, namely :-
Retired Professors and Servants to whom Pensions are now paid.
Amount per Annum
|William Ridgeway, M.A.||£99 3 0||1894|
|Arthur H. Anglin||£275 0 0||1913|
|Charles McCarthy (Gardener)||£32 0 0||1910|
List of Persons at present holding Office and entitled to receive Pensions out of this Fund.
Accepted Terms of Act of 1909.
President and Professors
|Sir B. C. A. Windle||1904||10||Yes|
|Marcus Hartog, M.A.||1882||7||No|
|G. J. Stokes, M.A.||1884||7||Yes|
|A. E. Dixon, M.D.||1891||7||Yes|
|William Bergin, M.A.||1895||7||No|
|W. F. P. Stockley, M.A.||1905||7||Yes|
|C. W. L. Alexander, M.Sc.||1906||7||Yes|
|D. T. Barry, M.D||1907||7||Yes|
|John Griffin (Gardener)||1881||---||Yes|
PROVIDED that the said annual sum of not less than £1,200, together with the sum referred to in Section (I.), may be used as security for borrowing a capital sum should the necessity arise ; but the sum so borrowed and its accretions, if any, shall be devoted exclusively to the payment of the pensions payable at present or in the future to the persons named above.
All unexpended balances of the interest, dividends, or other annual produce of the sums mentioned in the preceding Section, or of the moneys so borrowed, shall be invested in such Securities as Trustees in Ireland are authorised to invest in ; and the sum thus accumulated shall be subject to any charges for payment of the above pensions or benefits mentioned in the preceding Section, or any of them, should the annual sum of not less than £1,200 not suffice for that purpose ; and in the event of the funds hereinbefore recited proving insufficient, the deficit shall be made good by other funds of the College.
At the end of a period of ten years from the date hereof, or should it appear that two-thirds of the liabilities due as above shall have lapsed, it shall be the duty of the Governing Body to obtain an Actuarial Report as to the pension fund, and to make a new Statute securing the solvency of the Fund in the place of the provisions hereinbefore contained, and to lay the same before the Houses of Parliament.
The Scheme for a pension fund hereto annexed shall apply to all full-time Professors, Lecturers, and Officers of the College, to wit: the President, the Registrar, the Secretary & Bursar, and the Librarian, appointed after the coming into force of this Statute.
IV.-Notwithstanding anything contained in Clause 2 Chapter XXI., Statute I., the Salary of the present Secretary & Bursar shall be £350 a year, as from 1st January, 1918, rising by annual increments of £10 to £400 a year.
V.-Notwithstanding anything contained in the Statutes, the Governing Body may in its discretion, on and from 1st July, 1918, for the duration of the War, pay to the present occupants of the Chairs and Offices as mentioned below the Bonus indicated on their Statutory Salaries, provided that the determination at any time of such Bonus shall rest in the hands of the Governing Body, and in no case shall the Bonus be awarded for more than one year after the Declaration of Peace.
LIST OF CHAIRS AND OFFICES.
|Economics and Commerce.|
|Geology and Geography.|
|Philosophy and Jurisprudence.|
|Lecturer in Ancient Classics.|
VI.-This Statute shall be construed with and as part of the said Statutes I. to X. of University College, Cork, and may be cited as Statute XI. of University College, Cork, or Stat. XI. Univ. Coll., Cork.
VII.-This Statute shall come into operation on the 3rd day of May, One Thousand Nine Hundred and Eighteen.
Present when the Common Seal of University College, Cork, was affixed.
The pension payable at the age of 65 shall be one-sixtieth of the annual income at the time of retirement of such pensionable person for each year of his office. Should any full-time Professor or Officer, appointed before 1918, and whose name does not appear in Clause 14 hereof, agree to participate in the scheme, the "years of office" for such person shall be computed as from the date of agreeing to participate in the scheme.
The Scheme shall operate by two policies to be taken out with an approved Insurance Company, one in the name of the College, and the other in the name of the pensionable person.
Both policies shall be retained by the College, and the pensionable person shall have no power to charge or incumber the same or any benefit to be derived therefrom, and in the event of his becoming bankrupt or insolvent the entire property in both policies shall vest absolutely in the College, to be disposed of as the Governing Body may think desirable.
One-half of the annual payment shall be made by such pension able person himself, and the other one-half by the Governing Body from College funds.
The method of payment shall be as follows:-The Secretary and Bursar shall pay from College Funds the entire premium due from each pensionable person at the proper time, subsequently deducting from each quarter's payment of salary to the pensionable person one-eighth of the premium paid, and credit same to the funds of the College, such deduction to be a first charge on the Salary.
At the attainment of the age of 65 the pensionable person on retirement shall have the following options:-
(a) To receive pension due to him for his life-time.
(b) To become the owner of a lump sum in lieu of annuity (see Table I.), provided that this lump sum shall be invested in a Trustee Security by the Governing Body, and held by them as Trustees for the pensionable person to whom they shall pay over the interest on the investment. On the death of the pensionable person the Trusteeship of the Governing Body shall terminate, and the investment becomes the property of his executors, administrators or assigns.
(c) To purchase in an Insurance Company to be approved of by the Governing Body an annuity for the life of the pensionable person, or of any person or persons, or for a fixed period, or until the happening of a contingent event, with power to vary the terms of such annuity from time to time with the consent of the Governing Body.
In the event or the death or resignation of the pensionable person before the age of 65, the Premiums will be returned to the College with compound interest at the rate of 3 per cent. per annum ; one-half of this sum shall be paid over to the pensionable person or, in the event of his death, to his executors, administrators or assigns ; the other half becoming the property of the College, provided that the Governing Body shall, if in their discretion and if they see fit to do so, be at liberty to apply all or any portion of the one-half so becoming the property of the College, to the benefit of the pensionable person or his representatives.
In the event of resignation before the age of 65, due to ill-health, the Governing Body may, if they think fit, allow the substitution of an earlier Deferred Age for that of 65, and permit all the monies paid, whether by the College or by the pensionable person, to be applied in accordance with the provisions of Clause 6.
In the event of the death of an Officer while in office, the Governing Body in special circumstances, in addition to any provision to which the representatives of the decreased may be entitled to, may grant a gratuity or compassionate allowance to his dependents out of monies accruing to the College under Clause 5 hereof, and not otherwise, and the amount of such grant the beneficiaries thereunder, and the method of bestowal shall be in the exclusive and uncontrolled discretion of the Governing Body.
Each pensionable person shall be entitled subject to medical examination and on payment of an additional premium, to ensure that the minimum sum repayable to his representatives shall be equivalent to one year's full salary. It shall be lawful for the Governing Body to pay half the necessary premium which to be paid in accordance with Clause 5.
In the event of the pensionable person attaining the age of 65, and of his being retained in office for a further period, the payments in respect of the said policies shall cease, and the policies shall be considered as having matured at the age of 65, notwithstanding such continuance in office of the pensionable person.
It shall be lawful for the Governing Body in the case of a future president, when computing his possible pension, to allow such additional years, not exceeding ten, as may seem desirable to them, and in that event to pay the whole or a portion of the premium necessary to cover such additional years as they may decide.
In the case of the President and Registrar, these Officials shall, on participating in the Scheme, elect as to whether their future pensions shall be based on Salary alone or on Salary and Allowances and the premiums shall be payable accordingly.
The following having voluntarily adopted the Scheme before 1918, shall be considered Pensionable Persons under the Scheme :-
|Professor M. J. Conran,|
|Professor H. A. Cummins,|
|Professor D. P. Fitzgerald,|
|Professor P. J. Merriman,|
|Professor A. E. Moore,|
|Professor E. M. O'Sullivan,|
|Professor T. O'Donoghue,|
|Professor I. Swain,|
|Professor H. J. Treston,|
|Professor A. J. Rahilly,|
|Professor Mary Ryan,|
|Mr. W. H. Porter,|
|Mr. Joseph Downey, Secretary & Bursar.|
The following is the Table referred to in Clause 6 (b):-
Cash Options per £100 of Annuity at age of 65.