D 8
[Subsidiary]
Government's donation.
L.N. 240/82.
(L.N. 240/82.) [*24.6.82.)
Investments.
CAP. 279] Subsidized Schools Provident Fund Rules
[1982 Ed.
9. (1) For each contribution by a contributor, Government shall pay to the Fund a sum referred to in these rules as a Government donation.
(2) A Government donation shall be paid to the Fund each month when the contribution by a contributor becomes payable, or, in the case of any contribution payable under rule 8(2A), when the contribution by a contributor is deducted from his salary, and shall be an amount equal to the following percentage of the contributor's basic salary, including any allowance approved for that purpose by the Director-
(a) 5 per cent, if his continuous contributory service is less than 10 years;
(b) 10 per cent, if his continuous contributory service is not less than 10 years but less than 15 years;
(c) 15 per cent, if his continuous contributory service is not less than 15 years.
(3) A Government donation paid in respect of a contributor shall be forthwith credited to his account by the supervisor and by the treasurer.
(4) In the calculation of continuous contributory service for the purposes of this rule, where a contributor commenced his service on a day in a month other than the first day of that month, he shall be deemed to have commenced his service on the first day of that month.
(5) With respect to contributions made at any time by a contributor during the period beginning on 1 September 1980 and ending immediately before the commencement* of the Subsidized Schools Provident Fund (Amendment) Rules 1982, the Government shall pay to the Fund a sum equal to the difference between the aggregate amount of the donations payable by the Government to the Fund in respect of those contributions during that period under the provisions of this rule then in force and the aggregate amount of the donations which would have been so payable in respect of those contributions under this rule if those Rules had been in force during that period; and the account of each such contributor kept in respect of that period shall be adjusted and credited accordingly in respect of each of his contributions made in that period.
(6).
10. (1) All sums considered by the Board to be surplus to the normal cash requirements of the Fund may at the direction of the Board-
(a) be invested in such securities or deposited in such manner in the Colony by the treasurer as the Financial Secretary may from time to time approve for that purpose, or
(b) be remitted to the Crown Agents for investment in such securities or deposit in such manner as the Secretary of State may from time to time approve for that purpose,