95.
members of religious orders and congregations or missionary bodies, or who are already contributing to provident or Superannua- tion funds approved by the Director of Education, and shall be obligatory for all other permanent full-time teachers.
41.
Government
The contributions of teachers shall be five percent
of their basic salary and shall be made monthly.
shall contribute an equal amount.
42.
All contributions shall be paid into a common trust fund which shall be invested by the Hong Kong Treasury.
43.
The general administration of the Fund shall be vested in a Board of Control nominated by Government and including repre-
sentatives of teachers who contribute.
446
All necessary Regulations for the conduct of the Grant Schools' Provident Fund shall be drawn up by the Board of Con-
trol and approved by Government.
BUILDING DEPRECIATION FUND
45.
In respect of Grant School premises owned by the school authorities an annual grant may be made at a rate of not less than 1% and not exceeding 3% of the capital value less any Building Grant received for erection of the premises, subject to the approval of the Director of Education after consultation with the Director of Public Works with regard to the % rate, the said grant to be paid into a special Building Depreciation Fund. This fund shall be invested by the Hong Kong Treasury and it shall not be drawn upon for any purpose other than the building of school premises approved by the Director of Education.
A school on ceasing to draw grant under this Code shall be permitted to retain the sum standing to its credit in the Building Depreceiation Fund provided that it shall only be used for the building of school premises for purposes approved by the Director of Education, or the repayment of Building Grant paid by Government as required in the circumstances set out in Par. 49(a)
For the purpose of calculating the above grant the capital value of premises used for Grent School purposes shall be assessed by Government, and this capital value shall be reduced each year by the amount of the Building Depreciation Grant made in respect of the previous year.
46.
PART III
CAPIT L GR NTS.
BUILDING AND MAJOR REP IRS GRANTS
A grant not e xcceding one-half of the actual cost, including the cost of site formation and architects' fees but