1957-HKRS30-8-47_Part01 — Page 49

(b) where such alteration was made before the approval was

given, be deemed not to have been given:

Provided that the Commissioner may, if he is notified in writing of such alteration within one month after such alteration is made, approve the retirement scheme, as altered, and, where approval is so given, any previous approval given by the Commis- sioner shall not be deemed to have been withdrawn under this rule.

Made by the Board of Inland Revenue this 7th day of February, 1957-

Aremmin Clarke

Chairman.

SCHEDULE,

Requirements for Approval of Retirement Schemes.

[r. 4.]

1. The retirement scheme shall be exclusively for the benefit of the employee or employees and of the widow, children, surviving dependants, or legal personal representatives of an employee.

2+

Each employee concerned shall be entitled to defined benefita and the terms and conditions of the retirement scheme shall have been made known to all the employees concerned.

3. The benefits afforded by the retirement scheme shall accrue only on retirament at some prescribed age of not less than forty-five years, or after some prescribed period of service with the employer of not less than ten years or on earlier incapacity or death. Where, however, the retire- ment scheme provides for proportionate or reduced benefits in the event of an employee leaving the employer's service prior to the prescribed age or period of service, the provision for such benaits shall not in itself disqualify the scheme from approval.

4. The nature of the benefits afforded by the retirement scheme shall be the same in relation to all the persons to whom the scheme relatos but a scheme relating to more than one class of employee may be regarded sa so many separate schemes for this purpose.

5. Where the retirement schema is conducted by a third party to whom the employer makes periodical contributions, the diversion of such contributions to any purposes (other than those of the scheme) and the refund of such contributions to the employer shall, except with the consent of the Commissioner and subject to paragraph 6, be prohibited.

6. The employer shall have no lien on any sum or other benefit to which the employee would be entitled under the retireruent scheme except-

(a) to the extent that the employer has suffered a loss due to a

dishonest act committed by the employee; or

(b) to the extent of a debt acknowledged in writing by the employee

as owing to the employer.

1057.

Member.

Member.

Member.

Member.

Approved by the Legislative Council this zoth day of March,

COUNCIL CHAMBER,

auth March, 1957.

(Secretariat GR60/3231/47)

Deputy Clerk of Councils.