3. Where the company transfers to the Government of Ceylon the liabilities of the company in respect of any pension or superannuation fund maintained by the company in relation to any member,-
| (a) the company shall pay to the Deputy Secretary to the Treasury to be credited to the Consolidated Fund of Ceylon all sums lying to the credit of such member in such fund, together with any other sum (that the company may agree to pay to the Government in connection with such transfer; and |
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| (b) the Government may establish and maintain a Government Pension Scheme for the purpose of paying a pension or gratuity to such member or his heirs or other dependants, such pension or gratuity being not less favourable than the pension or gratuity that such member or his heirs or other dependants would have been entitled to under the pension scheme of the company. |
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Sri Lanka Consolidated Acts