Appointment
of secreta
and his duties.
of teamapr
and his duller.
Contributor.
ted Sch., contd.)
(2) The eight additional members shall be nominated as occasion may require by contributors upon the staff of grant schools as follows-
(a) 2 jointly by Roman Catholic Boys Schools;
(b) 2 jointly by Roman Catholic Girls Schools;
(e) 2 Jointly by the Diocesan Boys School, the Diocesan Girls School,
St. Paul's College (Co-educational) and St. Paul's Boys College; (d) 1 jointly by Ying Wa Boys and Ying Wa Girls Schools; (0) 1 jointly by St. Stephen's Girls School and Heep Yunn School. (3) The eight additional members shall serve until the lat September, 1963 and thereafter for two yearly periods unless renominated: Provided that if such a member coases to be a contributor or is unable or unwilling to act, or resigns, or is absent for more than three months from the Colony, a contributor may be nominated as a member in similar manner in his place.
(4) Five members of the board shall form a quorum and the chair- mon shall have a casting vote.
(5) The board shall regulate ita own procedure and in the absence of the chairman a temporary chairman shall be elected from amongst the members of the board.
5. (1) The board shall as necessary elect from amongst its members a secretary who shall sumamon such meetings as may be required by the board, of which he shall give at least 7 daye notice with an agenda for discussion.
(2) The secretary shall maintain minutes of each meeting and a record of the mombers of the board from time to time.
(3) Annually and whenever so requested the secretary shall obtain from nominated members lists of the contributors whom they represent and deliver the same to the Accountant General or auditor.
6. (1) A treasurer of the fund shall be appointed by the Accountant General who may if and whenever the Accountant General thinks fit alng act as his representative on the board under rule 4.
(2) Facilities for keeping the accounts of the fund shall be provided by Governmant.
(3) The treasurer shall keep full and complete accounts of the fund And, with auch poraote as the Accountant General may require to assist him, shall keep an account relating to every contributor.
(4) The treasurer shall prepare and subrait for audit annual accounts as at the 31st August as soon as possible after that date in each year, which shall include an income and expenditure account and a balance sheet, to which shall be appended a statement of investments showing in respect of each security the nominal value, the middle market-price, the total market value, the previous book value, and appreciation or depreciation incurred during the year. Such statement of investments shall also show investments sold or matured, and investments acquired, during the year, and the necessary details to show appreciation or depreciation until sale or maturity, or since acquisition, during the year.
7. (1) Contribution to the fund shall be obligatory for all permanent full time teachers approved for the purpose of the grant code (including such teachers while on probation) with the following exceptions-
(a) those assessed on unqualified salary scales;
(b) those over the age of 50 upon first appointment;
(o) teachers who produce satisfactory evidence of continuing contri- butions to provident or superannuation funds approved by the Director:
46
find Seb., comed.
(d) members of religious orders and congregations or missionary bodies in respect of whore needs adequate provision is made by Buch order, congregation or missionary body,
(2) Contribution shall be optional in respect of—
(a) teachers falling within paragraph (e) of sub-rule (1);
(b) salaried teachers falling within paragraph (2) of sub-rule (1),
The option shall be in writing and irrevocable and shall be mado within two months after the date that the right to exercise such option shall accrue and shall be retrospective to that date.
(1) Contribution shall be five per cent of basic salaries including Contaba- principals" allowances and except with the consent of the Director shall only ties. be made in respect of periods during which full basic salary is paid.
(2) The contribution shall be deducted from salaries monthly by each supervisor who shall within seven days credit such deduction so made to a bank account specified by the treasurer and forward bank receipt in respect thereof to such treasurer.
(3) It shall be the duty of the supervisor to maintain an independent complete account for each contributor in his school which shall specify-
(a) contributions paid:
(b) donations made by government in accordance with rule Ý: (e) auch further credits and debits for the previous year as shall have
been notified to him by the treasurer.
(4) The total of each such account shall be reconciled annually with the treasurer, and the detail shall be available for inspection by the contributor.
9. (1) For each contribution by a contributor, government shall pay Government's to such fund each month an equivalent sum, referred to herein as the donation. donation.
(2) Such donation shall be forthwith credited to each contributor's account by the supervisor and by the treasurer.
10. (1) It shall be the duty of the treasurer monthly or so often as he Investment. shall deem it to report to the board the state of the fund's cash balance, and in accordance with his recommendation or otherwise any balance which in the opinion of the board should be invested shall be invested by the Crown Agents in auch securities as are authorized for investment of colonial government funds.
(2) Such realization of securities as shall in the apinion of the board be nécéasary shall be effected by the Crown Agenta.
(3) The board may in its discretion and for a period of not more than twelve months in advanca give instructions to the Crown Arents for the reinvestment of interest payments (which interent, payments shall never- theless still be dealt with in the fund's accounts as income), or the proceeds of securities upan maturity.
(4) Requenta to the Crown Agents shall be made through the medium of the Accountant General who shall annually and whenever requested by the treasurer or auditor obtain from the Crown Agents a statement of Investments showing the nominal value and middle market price of the securities held.
11. (1) There shall be constituted with effect from the year ending Reserve Cand. 31st August, 1958 a reserve fund which shall be contributed to each year
(a) by the crediting each year of any appreciation in the value of
investments over the value at the previous year;
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