1982 Ed.]
Subsidized Schools Provident Fund Rules [CAP. 279
and the dividends or interest accruing from such investments or deposits shall be credited to the Fund.
(2) Such realization of the capital of the Fund as the Board may from time to time consider necessary shall be effected by the Crown Agents or the treasurer, as the case may be.
(3) Requests to the Crown Agents shall be made through the medium of the Director of Accounting Services who shall, annually and whenever requested by the treasurer or an auditor of the Fund, obtain from the Crown Agents a statement of the investments showing the nominal value and the middle market price for the time being of any securities held together with the amount of any deposits.
11. (1) A reserve fund shall be maintained, to which shall be-
(a) credited each year-
(i) the proceeds of any realization upon sale or maturity of any security during the year in so far as such proceeds exceed the cost price to the Fund of such security;
(ii) the net amount of any Government donation, including any dividend earned thereby, standing to the credit of any contributor to whom, under rule 13, such donation is not payable; and
(iii) such proportion of the income derived from investments and deposits as the Board may think fit; and
(b) debited each year-
(i) any loss incurred upon sale or maturity during the year of any security having regard to the cost price to the Fund of such security; and
(ii) such outgoings or losses incurred by the Fund as the Governor may in special circumstances authorize or direct in writing.
(2) Where in any year the credit balance of the reserve fund, after crediting all the items specified in paragraph (1)(a), is less than the total of all the debits specified in paragraph (1)(b), an amount representing such difference shall be debited to the income and expenditure account and credited to the reserve fund.
(3) Where in any year, after crediting and debiting all the items specified in paragraph (1), there is a credit balance in the reserve fund, such proportion as may be required to meet the 5 per cent dividend, guaranteed under rule 12(1), shall be debited to the reserve fund and credited to the income and expenditure account.
(4) Where in any year, after crediting and debiting all the items specified in paragraphs (1) and (3), the credit balance of the reserve fund exceeds the aggregate of an amount equal to 5 per cent of the credit balance of the contributors' accounts as at 31 August and the total amount of any outstanding Government loans made under
D9
[Subsidiary]
Reserve fund.
L.N. 340 of 1982.