Director may approve, such teacher shall have the option, on application to the board, of-
(a) having his account closed in accordance with rule 13 and receiving payment in accordance with rule 14; or
(6) having his account kept open in accordance with
sub-rule (3) of rule 13: or
(c) having bis account transferred to the Subsidized
Schools Provident Fund.
(2) In any case after the commencement of these rules in which a contributory teacher's employment in a subsidized school is terminated and his account in the Subsidized Schools Provident Fund is transferred to the Grant Schools Provident Fund the treasurer shall open a contributor's account in the Grant Schools Provident Fund in such teacher's name and shall credit thereto the account so transferred; and such teacher shall for all purposes thereafter be deemed to have been a contributor to the Grant Schools Provident Fund with effect from the com- mencemeat of his continuous contributory service within the meaning of the Subsidized Schools Provident Fund Rules, 1961.
(3) For the purpose of this rule, the expression "with- out break in teaching service" means continuity of teaching employment in either a grant school or a subsidized school, as the case may be, subject only to change of employment from one such school to another such school in the course of an unbroken academic year's teaching service.”.
COUNCIL CHAMBER,
26th September, 1961.
Explanatory Note.
Clerk of Councils.
(This Note is not part of the rules, but is intended to indicate their general purport).
Rule 2 inseris certain new definitions into rule 2 of the principal rules.
2. Rule 3 amends rule 3 of the principal rules to enable the food to beneft part-time teachers, if so required.
3. Rule 4 amends rule 4 of the principal rules to extend representation on the board of control of the Provident Fund to two additional grant schools and provides that an annual general meeting of the board shall be held in January of each year.
9
Rule 5 deletes sub-rule (3) of rule 5 of the principal rules, which is not considered necessary.
5. Rule 6 amends rule 6 of the principal rules consequential upon the replacement of rule 16 dealing with accounts.
6. Rule 7 reframes rule 7 for clarification.
7. Rule 8 amends rule 8 of the principal rules to require contributions to
he fund to be paid by supervisors of grant schools direct to the treasurer and nel as at prescot direct to the fund's account with the bank.
6.
Rule 9 amends rule 10 of the principal rules to bring the provisions relating to the investment of the capital of the fund into line with similar provisions relating to other funds of this kind.
9. Rule 10 revokes and replaces rules 11 and 12 of the principal rules---
(a) to make it clear that where teachers' accounts are closed in circum- stances in which they are entitled to recover only their own contributions to the fund and not the Governmcal's donations they are entitled to that proportion of the dividends declared as are attributable to those contributions; and
(8) to reduce the percentage of the total income of the fund required to be allocated to the reserve fund which is considered unnecessarily high; and
(c) to limit the amount of dividend payable to any contributor's account
to four per cent of the amount standing to the credit of that account.
10. Rule 11 amends rufe 13 of the principal rules consequential upon the insertion of the new rule 20 of the principal rules, and to enable the Director of Education, on application, to permit a contributor's account to be kept open in cesce in which prompt closure of the account in wccordance with sub-rule (1) of rule 13 would result in bardship. Forfeiture of rights in certain cases is also deleted from rule 13.
11. Rule 12 revokes rule 15 of the principal rules the purport of which is Sosidered adequately effected by the provisions of subsection (4) of section 44 of the Education Ordinance, 1952, as amended by the Education (Amendment) Ordinance, 1961.
12. Rule 13 revokes and replaces rule 15 of the principal rules, which deals with accounting and auditing, in a form more closely in line with corresponding provisions relating to the maintenance of other similar funds.
13. Rule 14 revokes rule 17 of the principat rules, which prescribes a retirement age limit. The effect will be to enable a contributor to continuc to contribute so long as he is employed in a grant school notwithstanding that his age may exceed sixty years.
14. Rule 15 adds a new rule 20 to the principal rules which provides for Be transfer of contributors' accounts from the Grant Schools Provident Fund to the Subsidized Schools Provident Fund and vice versa where contributing teachers Le transferred from one kind of school to the other without requiring & closure of account and consequential loss of benefits where in fact the total teaching ervice has been continuous,
(Secretariat GR1/1686/460)