public officer so admitted to contribute to the fund shall be entitled to the same privileges and shall be subject to the same conditions in respect of the fund as are all other contributors.
5. All moneys belonging to the fund, whether arising from past or future contributions, fines, interest, or otherwise, shall be invested with the Government of this Colony,
[Ibid, s. 13.] and shall bear interest payable by the said Government during the continuance of the fund, at the rate of six per centum per annum free from any deduction, and such interest shall be made up on the thirty-first day of December in each year, and shall be calculated upon the mean monthly balance standing in the hands of the Treasurer to the credit of such fund during the course of the year.
6.—(1.) For the due and proper management of the fund
Appointment the Governor, with the advice of the Executive Council,
of directors. shall appoint any number of public officers, not exceeding
[Ibid, s. 7.] five, as directors thereof.
(2.) It shall be lawful for the Governor, with the advice
Cancellation of the Executive Council, to cancel and annul the appoint-
of such ment of any person appointed to be a director, and upon
appointment. notification thereof in the Government Gazette such person shall cease to be a director, and shall cease to have and exercise the powers of a director.
(3.) In the event of the death of a director, or in the event
Substitution of the absence from the Colony of a director, or in the
of director. event of the cancellation and revocation of the appoint-ment of any director, the Governor, with the advice of the Executive Council, shall appoint a public officer to be a director in place of the director who shall have died, or shall be absent from the Colony, or whose appointment shall have been cancelled or revoked, and such person so appointed shall have and exercise all the powers and duties reposed in a director by this Ordinance.
(4.) The directors shall superintend and direct the manage-
Management ment and administration of the fund, and shall see that the
of fund. laws and regulations relating thereto are duly fulfilled.
(5.) It shall be the duty of the directors annually, on or
Annual before the thirty-first day of January, to prepare a statement
report and account of the fund for the year ending the thirty-first December preceding, and such statement and account shall be laid before the Governor and the Legislative Council.
(6.) The Governor may from time to time appoint such
Appointment officer or officers as he may consider fit and necessary for
of agents, etc. carrying out the provisions of this Ordinance, and all persons so appointed shall hold office during the pleasure of the Governor.
(7) The Governor, with the advice of the Executive
Pensions to Council, may, if it shall appear expedient to him, from time
officers to time prescribe rules for the grant of retiring pensions or
employed or gratuities to officers and servants appointed under this
directors, Ordinance and to those heretofore appointed, and the directors of the fund shall, subject to such rules, pay such pensions and gratuities out of the moneys of the fund.
(8.) At every meeting of the directors the senior public
Meeting of officer present shall preside. Every question shall be decid-
directors. ed by the vote of the majority of these directors present at the meeting: provided that if the votes be equally divided the chairman shall have a casting vote in addition to his vote as director. There shall be no meeting at which there shall not be at the least three directors present and voting.
7. A sum not exceeding five per centum of the annual
Cost of man- contributions to the fund may be paid by the Treasurer to
agement of the directors for the purpose of defraying all expenses
fund. connected with the management and administration of the
[Ibid, s. 11.] fund, provided that no payment shall be made to any director as salary or remuneration for his own services without the consent and approval of the Governor, with the advice of the Executive Council.
8. The directors may frame rules and regulations not
Directors may inconsistent with the provisions of this Ordinance for the
make rules proper carrying out of the provisions thereof, and such rules
and regula- and regulations when approved by the Governor, with the
[Ibid, s. 8,] advice of the Executive Council, and published in the Government Gazette, shall be valid and binding upon all persons.
1.) From and after the commencement of this Or-
Abatement dinance a monthly abatement of four per centum shall be
from salaries made from the salary or pension, as the case may be, of
and pensions, every public officer.'
[Ibid, s. 4.]
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