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 this twenty-eighth day of January, 1949.
Present when the Common Seal of University College, Cork, was affixed:
Statutes I. to XLVI. of University College, Cork, shall be read and construed with the addition, modifications and amendments hereinafter set forth.
The Governing Body shall not henceforth be obliged to hold an actuarial investigation or to act on the report of any such investigation into the Pension Funds of the College, and Statutes I. to XLVI. of University College, Cork, are hereby repealed in so far as they impose on the Governing Body the obligation to hold such an investigation or to act on such report.
(a) Statute XLIV., Chapter IL, Section 3 of University College, Cork, is hereby amended by the deletion therefrom of the words "as from the first day of October, 1944" and of the whole sub-sections (a) and (b) of said section and by the substitution of the following provision for the said sub- sections:
In each financial year henceforth, there shall be paid out of the revenue of the College into Pension Fund No. 2 such sums as the Governing Body may deem necessary after consideration of a report from the Finance Committee on said Pension Fund.
(b) Pension Fund No. 2 shall be maintained at a total of not less than £100,000 as from the 1st day of July, 1948. The said total shall be calculated either at the actual cost of securities after making provision over the period to redemption date for the writing down to their nominal values of redeemable securities purchased at a premium, or at the current market price at the end of the financial year, whichever shall be the lower.
(c) If the amount of Pension Fund No. 2, calculated in the manner prescribed by sub-section (b) of this section, shall exceed the sum of £102,000 such excess may be utilised from time to time at the discretion of the Governing Body as revenue of the College.
(a) Statute XXXIX., Chapter IV. of University College, Cork, is hereby revoked in so far as it provides for an annual payment of the sum of £750 into Pension Fund No. 4.
(b) In each financial year henceforth, there shall be paid out of the revenue of the College into Pension Fund No. 4 such sum as the Governing Body may deem necessary after consideration of a report from the Finance Committee on said Pension Fund, but such annual payment shall not be less than such sum as may, with the dividends payable on the capital of said fund, be necessary for the payment of all sums properly payable out of said Pension Fund during the said financial year.
(a) The Governing Body shall pay annually to the widow of the holder of a full-time statutory pensionable office in the College who died while in office a sum equivalent to two-fifths of the annual pension to which the holder of such office would have been entitled had he retired at the date of his death. Such payment shall continue until the expiration of eight years from the date of the death of the holder of such office.
(b)The Governing Body shall pay annually to the widow of a person who had been the holder of a full-time statutory office in the College, and who at the date of his death, was in receipt of an annual statutory pension from the College, a sum equivalent to two-fifths of such annual pension. Such payment shall continue until the expiration of three years from the date of such person's death.
(c) In the event of the death of the widow of the office holder or pensioner referred to in sub-section (a) or (b) respectively of this section while in receipt of the annual payments thereby authorised, the Governing Body may, in its absolute discretion, continue to make such annual payments to any one or more of the dependent children (if any) of such office holder or pensioner as the case may be, for the remainder of the periods stipulated in sub-section (a) or (b) respectively of this section.
(d) Notwithstanding any provisions to the contrary contained in the foregoing sub-sections of this section, the sums payable thereunder in any individual case shall not exceed £250 per annum, and shall he payable only if the office holder or pensioner as the case may be shall have paid each year into the appropriate College Pension Fund as from not later than three calendar months after, which ever of the following occurrences is the most recent (1) the coming into operation of this statute, (2) his marriage, (3) his appointment, the sums hereinafter specified, that is to say:
If the office holder or pensioner herinbefore referred to shall be on the date applicable to his case in accordance with the foregoing provisions:
40 years of age or less, the sum of £10 per annum.
Over 40 years of age the sum of £10 per annum with an additional annual contribution of 10s. for every year by which his age shall exceed forty years at the date of his initial contribution, provided always that his total annual contribution shall not exceed £20 per annum.
(e) The provisions of this Chapter shall apply only to those who, on or after the first day of January, 1949, hold or will hold, full-time statutory pensionable offices in University College, Cork.
Notwithstanding the provisions of Statute XXXIX., Chapter I., and Chapter II., and Statute XLIV., Chapter II., Section 4, of University College, Cork. the following increases in the annual pensions of the following former holders of full-time statutory offices shall be deemed to have become operative as from the first day of November, 1946:
Professor D. T. Barry
|£450 0 0||£525 0 0|
Professor T. O'Donoghue
|£525 0 0||£600 0 0|
Professor A. E. Moore
|£506 13 3||£581 13 4|
Professor D. P. Fitzgerald
|£500 0 0||£575 0 0|
Professor I. Swain
|£466 13 3||£541 13 3|
Professor Mary Ryan
|£348 0 0||£423 0 0|
Professor E. M. O' Sullivan
|£372 8 0||£447 8 0|
Statute XXXVI., Chapter II., is hereby amended by the deletion of the figures " 75" therefrom and the substitution therefor of the figures " 85."
The stipend payable to the holder of a full-time Professorship or full-time Lectureship which shall not, on the 1st day of January, 1949, have reached the maximum stipend payable in respect of such office shall as from that date be increased by 10 per cent. of such maximum stipend, or to such maximum stipend whichever shall be the less, and Statute XXXVI., Chapter II., is hereby amended accordingly.
The duties attached to the part-time Professorship of Common Law, Real Property and Equity, in addition to all other duties imposed on the holder of the said Professorship by Statutes I. to XLVI. of University College, Cork, shall be:
(a) To lecture on the subjects of the Professorship at least twice per week during each College term at hours fixed in the College Calendar, unless the President shall in writing determine otherwise; and
(b) To examine in the said subjects at College and University Examinations.
This Statute shall be construed with and as part of Statutes I. to XLVI. of University College, Cork, and, may be cited as Statute XLVII. of University College, Cork, or Stat. XLVII. of Univ. Coll., Cork.
This Statute shall come into operation on the twenty-eighth day of January, 1949.
Present when the Common Seal of University College, Cork, was affixed.