Establishment and maintenance of superannuation schemes

(1) The Authority may provide for the establishment and maintenance of a Pension Scheme, a Social Security Scheme or a Provident Fund Scheme for the benefit of the officers and employees of the Authority. (2) Without prejudice to the generality of subsection (1) of this section, the Pension Scheme, Social Security Scheme, or the Provident Fund Scheme may enable the Authority to, (a) grant gratuities, pensions or superannuation allowances to, or to the widows, families, or dependants of, its employees; (b) establish contributory and superannuation schemes and establish and contribute to superannuation funds for the benefit of its employees; (c) enter into and carry into effect agreements with any insurance company or other association or company for securing to any such employee, widow, family or dependant such gratuities, pensions or allowances as are by this section authorized to be granted.