1952-HKRS28-8-19_Part03 — Page 5

Land Sch., con žal.

17. The prescribed age limit for retirement for the purpose of these Age ills for rules shall be 60 years of age except in epecial cases approved by the retirement. Director.

18. The board shall whenever necessary transmit to the Governor Alteration through the Colonial Secretary a report upon the working of these rules, to rules. and shall report for the consideration of the Governor in Council whenever amendments to the same appear to be desirable.

19. In any case of doubt as to the interpretation or application of Decision of these rules the decision of the Governor shall be final.

1.

FOURTH SCHEDULE

Grant Schools Building Depreciation Fund Rules, 1952.

[3. 45

doubtfol

These rules may be cited as the Grant Schools Building Deprecia Cliation. tion Fund Rules, 1952.

2. In these rules – “annual grants" or "granta" means the annual building depreciation grants

payable under these rules;

"grant school premises" means promises owned by grant school authorities, which are used by classes for which a grant in aid is paid by Govern- ment and which are approved by the Director as eligible for a building depreciation grant, and shall not include any premises used as boarding or indging accommodation for pupils or teachers;

"Tund" and "bound" respectively mean the building depreciation fund and

board of control established under these rules.

Interpretation.

3. The object of the fund is to provide for the replacement of grant Object of school premises that become unfit for use as a result of deterioration, and fund. For that purpose it ahall take over end absorb the assets of the building depreciation fund managed by the education department since the lat May. 1946.

J. (1) The general administration of the fund shall be vested in a Administra- board of control composed of se-officio and elected members as follows- tion

ex-officio

elected

secretary treasurer

{

a nominee of the grant schools council (who shal) be

chairman);

the Accountant General, or his representative;

five grant school managers, or so many as may be

elected;

the accountant, education department;

to be appointed by the Accountant General (who may when authorized act 8.9 that officer's repre- sontative).

(2) Managers of the grant schools may if they so desire choose fivo from among themselves to be their representatives on the board and such ropresentatives shall serve for a period of two years. resigns, or is unable to act, or is absent for more than three months from If a representative The Colony, another representative may be elected in his place to com. plete the two-yearly period.

(3) Elections of representatives to the board may be held as soon as is convenient after the coming into operation of the Ordinance, and thereafter at two-yearly intervals.

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14th Seb, cómád

(4) At meetings of the board, four members shall form a quorum and the chairman shall have a casting vote.

(5) Gavernment shall provide facilities for the keeping of the accounta of the fund.

5. (1) There shall be paid into the fund annual grants which the Annuni Director may make as provided in this rule.

(2) In respect of grant school premises owned by school authorities an annual grant may be made of not less than 1% and not more than 3% of their capital value. For the purpose of calculating this annual grant, the capital value of the grant school premises on which a grant is payable and the depreciation rate shall be settled by Government and soch capital volue shall be reduced by the sum of any capital grants and the outstanding portion of any interest free loans paid by Government for the erection of the buildings and further reduced uncli year by the building depreciation grant made for the previous year.

(3) If a school ceases to be a grant school, no contribution to the fund shall be payable for the period of such cessation, but the sum stand- ing to its credit in the fund shall remain available (but without the addition of any dividend undar rule 10 unless and until the school shall again become a grant school) for the re-building of the school promises in accordance with rule 3, until the Governor shall, in his complete discretion, consider that such amount shall be repaid to Government and shall so order.

Lo

to fund

$. (1) The gruate shall be paid by the Director into an account with Dapooed mod a bank approved by the board, and bank receipts therefor shall be for. invament. warded to the treasurer. Such account shall be in the name "The Grant Schools Building Depreciation Fund".

(2) Whenever it shall appoar to the board that sums held locally are surplus to the requirements of the Fund for meeting current expenses and foreseeable withdrawala, auch surplus sums shall, at the request of the board, be remitted by the Accouniant General to the Crown Agents for investment in the name of the fund in such securities as are authorized for investment of Colonial Government funds.

(3) Such investments shall be revalued annually by the treasurer of the fund on the 31st March or business day immediately preceding in accordance with the middle market prices in London at the close of business on such day. The accounts of the fund shall thereupon be adjusted, in the mannar set out in these rules, to allow for any appreciation or depre- ciation in value that shall have taken place,

7. The treasurer of the fund shall keep full and complete accounts Accounts. of the fund and of individual schools in accordance with these rules and shall as soon as possible after the 31st March in each year prepare an income and expenditure account for the year ended on the 31st March and a balance sheet as at that date. Appended to such balance sheet shall be a statement of the investments held by the fund which shall show against the name of each security, the nominal value, the middle market price at the 31st Marchi, the market value at that date, the previous book valce, and the amount of any appreciation or depreciation incurred during the year.

8.

The books and accounts of the fund shall be audited each year by Audit and an auditor appointed by the board. As soon as possible after they have approval been prepared, the treasurer shall sign and furnish for audit the balanco sheet, statement of investments, and income and expenditure account. After they have been audited, these statements, together with the auditor's raport, shall be submitted by the treasurer for the information and ap- proval of the board. After approval by the board, the balance sheet and income and expenditure account shall be signed by the chairman, and for- warded for the information of the Governor.

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