1961-HKRS30-8-51_Part05 — Page 13

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Government donations.

Investments,

Reserve fund.

(c) such other credits and any debits as may from time to time be

communicated to the supervisor by the treasurer.

(4) The total of each contributor's account as maintained by the supervisor shall be reconciled annually with the treasurer.

(5) On application to the supervisor, every contributor shall be entitled to inspect at any reasonable time the account standing in his

namo.

9. For each contribution by a contributor. Government shall donate to the Fund each month an equivalent sum.

10. (1) All sums considered by the Board to be surplus to the normal cash requirements of the Fund may at the direction of the Вояга....

(a) be invested in such securities or deposited in such manner in in the Colony by the treasurer as the Financial Secretary may from time to time approve for that purpose, or

(b) be remitted to the Crown Agents for investment in such secu- rities or deposit in such manner as the Secretary of State may from time to time approve for that purpose,

and the dividends or interest accruing from such investments or deposits shall be credited to the Fund.

(2) Such realization of the capital of the Fund as the Board may from time to time consider necessary shall be effected by the Crown Agents or the treasurer, as the case may be.

(3) Requests to the Crown Agents shall be made through the medium of the Accountant General who shall, annually and whenever requested by the treasurer or an auditor of the Fund, obtain from the Crown Agents a statement of the investments showing the nominal value and the middle market price for the time being of any securities held together with the amount of any deposits.

11. (1) There shall be constituted a reserve fund to which there shall be-

(a) credited cach year-

(1) the proceeds of any realization upon sale or maturity of any security during the year insofar as such proceeds exceed the cost price to the Fund of such security:

()the net amount of any donation, including any dividend carned thereby, standing to the credit of any contributor to whom such donation and dividend is not payable in accordance with the provisions of rule 13:

(iii) such proportion of the income derived from investments and deposits as the Board may think fit; and

(b) debited each year-

(i) any loss incurred upon sale or maturity during the year of any security having regard to the cost price to the Fund of such security; and

(i) such outgoings or losses incurred by the Fund as the Governor may in special circumstances authorize or direct in writing.

(2) To the extent that the reserve fund may in any financial year be insufficient to meet any item specified in sub-paragraph (b) of paragraph (1), such item shall be debited to the income of the Fund and any excess shall be debited to contributors in accordance with rule 12.

(3) To the extent that the reserve fund shall in any financial year, after crediting and debiting the items specified in this rule, exceed a sum equal to five per cent of the total credit balances of contributors' accounts for that financial year, any excess may in the discretion of the Board be credited to contributors in accordance with rule 12.

contributors' accounts.

12. At each annual general meeting of the Board, the Board shall Credits and declare to the account of each contributor a credit, not exceeding four debilsto per cent, or a debit, not limited in amount. by way of a percentage of sach such account as at the previous 31st day of August to be credited or debited thereto, as the case may be, according to the proportion which such account bears to the total sum comprised during the year ending such 31st day of August of the following-

(a) the income of the Fund after providing for any expenses and for the percentage, if any, contributed to the reserve fund in accordance with rule 11:

(b) any credit being the excess available under paragraph (3) of rule 11, to the extent that the Board decide to distribute the

same:

(c) any debil sum being the excess which cannot be bome by the

reserve fund under paragraph (2) of rule 11.

13. (1) Whenever a contributor ceases to be employed as a teacher Benefits.

in a subsidized school for any of the following reasons—

(@) voluntary retirement after ten years continuous contributory service, or after reaching the age of sixty years before the 31st of December, 1968;

(6) compulsory retirement after ten years continuous contributory service, or after reaching the age of sixty years before the 31st of December, 1968, for any cause except conviction of a criminal offence, misconduct or bankruptcy:

(c) voluntary or compulsory retirement on grounds of such ill- health as a Government medical board shall certify to con- stitute reasonable cause for retirement;