1952-HKRS29-8-19_Part03 — Page 4

Plykende

mod debite to

contributors"

mecodota.

Denatis.

fed Bah, contd.)

(b) by the crediting of the proceeds of any realization upon sale or maturity during the year insofar as such proceeds "exceed the value of a security at the previous year;

(c) by the crediting of the net amount of donation and dividends standing to the credit of any contributor to whom the donation shall not be payable under rüle 18;

(d) by the allocation of such proportion of the income derived from investments as the board may deem fit, such proportion to be not less than 25% unless the reserve fund that year equals or exceeds the suma apecified in sub-rule (4),

(2) There shall be debited to the reserve fund-

(*) any depreciation each year in the value of investments over the

value at the previous year;

(b) any loss incurred upon sale or maturity during the year having

regard to the value of a security at the previous year

(c) such outgoings or losses incurred by the fund as the Governor

may în special circumstances authorize or direct in writing.

(8) To the extent that the reserve fund may in any year be insufficient to meet the items specified in the preceding paragraph such items shall be borne by the income of the fand and any excess shall be debited to contributors in accordance with the next rule.

(4) To the extent that the reserve fand shall in any year, after crediting and debiting the items referred to in this rule, exceed a minimum aum equal to 15% of the total investments as revalued that year, any excess raay in the discretion of the board be credited to members in accordance with the next rule.

12. (1) At each annual general meeting the board shall distribute to contributors accounts by way of a percentage of each sccount according to the proportion each such account bears to the total amount to be Alstributed------

(a) the income of the fund after providing for any expenses and for the percentage contributed to the reserve fund under paragraph (1)(2) of rule 11:

(b) any credit being the excess available under sub-rule (4) of rule 11, to the extent that the board decide to distribute the same; (c) any debit sum being the excess which cannot be borne by the

reserve fund under sub-rule (3) of rule 11.

(2) Such resultant dividend or debit shall be declared as a convenient percentage and any small resultant credit which cannot conveniently be so expressed shall be credited to the reserve fand,

18. (1) Whenever a contributor shall cease to be employed as a teacher in a grant school for any of the following reasons--

(x) superannuation on reaching the prescribed age limit at any time

up to the end of the year 1959;

(6) voluntary retirement, after 10 years continuous contributory

service;

(e) compulsory retirement, after 10 years continuous contributory service, for any cause except crime, misconduct or bankruptcy; (d) voluntary or compulsory retirement on grounds of ill-health certi- fied by a Government Medical Board ne constituting ressonable cause for retirement;

(a) removal of a school from the list of grant schools; (/) death, if at the time he was still a contributer,

hie account shall be closed, and there shall be paid out under rule 14 the sum standing to his credit, including all Government donations and all dividends that may have been declared up to and including the date of his

48

Land Sch, conid,

retirement or death, or the date on which a school ceased to be a grant achool. For the purposes of this rule, service may, subject to the approval of the Director, be reckoned as continuous contributory service even though it has been broken for short periods or includes periods of leave without Such periods however shall not except in the case of approved study leave or sick leave count towards the qualifying period of 10 years.

pay.

(2) Whenever a contributor shall—

(a) retire or resign after less than 10 years' continuous contributory

service except for any reason approved in sub-rule (1); (6) be dismissed, or resign in order to avoid being dismissed, from

service in a grant school after either more or less than 10 years continuous contributory service, on account of crime, misconduct or bankruptcy,

his account shall be closed, and there shall be paid out under rule 14 a sum equal to the total amount contributed by him up to the date of retire- ment, resignation, or dismissal plus such dividends as have been declared on that contribution and less any amounts debited thereto : Provided that where a contributor has been dismissed for fraud or dishonesty, be shall, unless it is otherwise determined by the Board, forfelt all righta under these regulations, and the Board shall be entitled to repay out of any monies otherwise due to him a zum equal to the value of the money or goods which he may have misappropriated.

(3) The question whether or not any contributor has been guilty of crime or misconduct shall for the purpose of this regulation, but for no other purpose, be determined by the Board with an appeal to the Director whose decision shall be final and conclusive between the parties and shall not be called in question in any court of law.

14. (1) Payments due to contributors under these rules shall be cer: Paymenta tified by the secretary and treasurer, and cheques in respect thereof and out. in respect of all disbursements by the fund shall be signed by the chairman and treasurer.

(2) Where a contributor's account has been closed under rule 13, no dividend or debit shall be carried thereto under rule 12, and if after notico has bem published in the Goretts no lawful claim is made within three years from the data on which the account was closed, the amount standing to the credit of the pecount shall be transferred to the credit of the re- servo fund

15. (1) A sontributor may nominate a person to whom he desires a Parmente sum not exceeding $500 to be paid upon his death. Such a nomination upon death. shall be in a form satisfactory to the chairman and shall at the time of signature by the contributor be countersigned by such chairman and deposited for safe custody with the secretary.

(2) If the amount standing to the credit of a deceased contributor exceeds the amount sa specited, such amount shall be paid to the person so nominated and the balance to his estate.

(3) If no euch nomination has been made payment shall be made to the legal personal representatives of the deceased, or if the Accountent General bas given an authority in accordance with section 69 of the Probate (Cap. 10.) and Administration Ordinance, to the person the Accountant General con- siders to be entitled thereto.

16. (1) As soon as possible after the 31st August in each year and Audit and in any case by the 1st November the treasurer shall submit the account of the fund to an auditor appointed by the Governor.

(2) During the month of December in each year the board shall hold its annual general meeting at which the chairman shall if approved by the board sign a copy of the balance sheet, income and expenditure account, statement of investments and statement as to the reserve fund, for eubi mission for the information of the Governor.

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anul central meeting.