(1) The Minister may, with the concurrence of the Minister for Finance, make a scheme or schemes for the granting of pensions, gratuities and other allowances on retirement or death to or in respect of a Director ceasing to hold office, other than a Director in respect of whom an award under the Superannuation Acts, 1934 to 1963, may be made.
(2) A scheme or schemes made under this section shall fix the time and conditions of retirement for all persons to or in respect of whom pensions, gratuities or allowances on retirement or death are payable under the scheme or schemes.
(3) The Minister, with the concurrence of the Minister for Finance, may amend a scheme made by him under this section.
(4) If any dispute arises as to the claim of any person to or the amount of any pension, gratuity or allowance payable in pursuance of a scheme under this section, such dispute shall be submitted to the Minister for Finance.
(5) Every scheme submitted and approved of under this section shall be