Amendment
of ruie 8.
思
() any teacher employed on a part time basis:
Provided that, subject to the approval of the Director, any such teacher may at his option con- tribute to the fund.
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(2) Any option exercised pursuant to the provisions of sub-rule (1) may be exercised at any time, but shall-
(a) be irrevocable; and
(5) not be exercised with retrospective effect otherwise
thon-
(i) to the date of first appointment in a grant school, or
(i) for a period of three months, whichever is the less.
(3) Any question arising as to whether, for the purpose of sub-rule (1), a teacher is employed on a temporary basis shall be determined by the Director whose decision shall be final.",
Rule 8 of the principal rules is amended by the deletion of
sub-rule (2) and the substitution therefor of the following-
"(2) The contributions shall be deducted from salaries monthly
by each supervisor who shall within seven days thereafter pay to the treasurer the amount of such deduction.".
Amendment
9.
Rule 10 of the principal rules is amended-
of tule 30,
(a)
by the deletion of sub-rules (1) and (2) and the substitution therefor of the following-
"(1) All sums considered by the board to be surplus to the normal cash requirements of the fund may at the direction of the board-
(a) be invested in such securities or deposited in such manner in the Colony by the treasurer as the Financial Secretary may from time to time approve for that purpose, or
(6) be remitted to the Crown Agents for investicul in such securities 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 invest- ments or deposits shall be credited to the account of the fand.
(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 by the treasurer as the case may be.":
(b) by the deletion of sub-rule (3); and
(c) in sub-rule (4) by the insertion after the words "securities held"
of the following→→
"together with the amount of any deposits".
10. Rules 11 and 12 of the principal rules are revoked and Revocation
and re- replaced by the following-
placetocut of rules 11 and 11.
"Reserve
d.
Credits and Jbbies to contributors" *ounty.
11. (1) There shall be constituted with effect from the year ending the 31st August, 1953 a reserve fund to which shall be-
(a) credited each 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,
(i) the net amount of any donation, including any dividend earned 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,
(ii) such proportion of the income derived from investments and deposits as the board may think fit; and
(6) 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
(ii) 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 year be insufficient to meet any item specified in sub-rule (1), such item shall be debited to the income of the fund and any excess shall be debited to contributors' accounts in accordance with rule 12.
(3) To the extent that the reserve fund shall in any year, after crediting and debiting the items referred to in sub-rule (1), exceed a sum equal to five per cent of the total credit balance of contributors' accounts for that year, any excess may, in the discretion of the board, be credited to contributors' accounts in accordance with rule 12.
12. At cach annual general meeting of the board, the board shall declare to the account of each contributor a credit, not exceeding four per cent or a debit, not limited
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