Masterton Borough Council Staff Retiring Fund Act 1962

Preamble

Whereas in the year ended on 31 March 1955, the Masterton Borough Council established a special fund known as the Masterton Borough Council Staff Retiring Fund with the intention of accumulating therein sufficient money to make payments therefrom to certain of its employees pursuant to section 6 of the Finance Act (No 2) 1941:

And whereas in the year ended on 31 March 1955, and in each subsequent year the Council has appropriated and paid from its General Account certain money into the said Staff Retiring Fund, and has in certain years made payments from such Fund to certain persons retiring from the service of the Council:

And whereas doubts have arisen as to the validity of such appropriations and payments, and it is desirable to validate the same:

And whereas the Council wishes to continue the Fund on the terms hereinafter appearing, and it is desirable that the Council should be authorised to do so.