Clause 4

For the purposes of this Act, there shall be established a fund to be called the “Redundancy Payments Fund” into which shall be paid all redundancy payments required to be paid under the provisions of section 6 of this Act, and out of which shall be met all payments to be paid under this Act.

The Fund shall be administered and controlled by the Director.

Interest shall be payable on amounts standing to the credit of a member of the Fund at a rate per annum of five-and-a-quarter per centum after and in respect of each year ending on the 31st day of December.

If in any year the revenue of the Fund shall be insufficient to defray the interest due to members of the Fund, such deficiency shall be charged on and paid out of the Consolidated Fund.