(1) The trustees of a trustee savings bank may, with the consent of the Minister, prepare and carry out in accordance with its terms a scheme for the granting, subject to such conditions and limitations as may be prescribed in the scheme, of superannuation benefits by way of pension or gratuity or both to or in respect of persons to whom this section applies.

(2) The trustees may at any time, with the consent of the Minister, amend a scheme under this section.

(3) The amount of and conditions in relation to the grant, termination or suspension of superannuation benefits under a scheme under this section shall, as nearly as may be, be equivalent in all respects to the amount of and conditions in relation to the grant, termination or suspension of superannuation benefits under the Superannuation Acts, 1834 to 1956, as amended or extended by any subsequent enactment.

(4) This section applies to -

(a) persons who become employed in the permanent and whole-time service of the bank after the passing of this Act,

(b) persons who are employed in the permanent and whole-time service of the bank immediately before the passing of this Act and who adopt the provisions of a scheme under this section.

(5) A person to whom this section applies shall not be granted compensation under section 3 of the Savings Banks Act, 1904.