Regulation 8 Remuneration, allowances etc of members of the Board
Paragraph 8 of the old marketing scheme is preserved, subject to modifications, and shall have effect as set out in Schedule 3.
The Board shall pay to the members of the Board such remuneration as may be determined–
as respects the period commencing on Vesting Day and ending on a relevant date, by the Minister, and
as respects any period thereafter (which shall also end on a relevant date), in accordance with the procedure specified in paragraph 78A of the old marketing scheme as inserted by these Regulations.
Subject to paragraph (2) above, the Board may–
pay such allowances or gratuities as they may determine to or in respect of any persons who have been or are their members;
make such payments as they may determine towards provision for payment of remuneration, allowances or gratuities to or in respect of any such persons; and
provide and maintain, or participate in, such schemes as they may so determine (whether contributory or not) for the payment of remuneration, allowances or gratuities to or in respect of such persons.
If, when a person ceases to be a member of the Board, the Board determine that there are special circumstances which make it appropriate that any member should receive compensation, the Board shall pay to him as compensation such amount, not exceeding a sum equal to the annual remuneration which that member last received, as they may determine.
Any compensation determined under paragraph (4) above shall be treated (as to disclosure) in the Board’s annual accounts in the same manner as the Board members' remuneration is so treated.
In this regulation “relevant date” means any day after 31st December 1995 on which a different remuneration for the members of the Board is determined in accordance with the procedure specified in paragraph 78A of the old marketing scheme as inserted by these Regulations.