1962-HKRS29-8-29_Part03 — Page 13

Short title and com- mencement.

Revocation

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(e) the new rule 11 inserted in the principal rules by the amending rules was wrongly though in good faith construed as having valid retrospective effect from the year ended the 31st day of August, 1953;

(f) in the preparation of the accounts of the provident fund for

the year ended the 31st day of August, 1961–

(i) the revised method of crediting and debiting of sums to the reserve fund was adopted, and

(ii) certain adjustments were made in order to give retro- spective effect to the revised method from the year ended the 31st day of August, 1953, without reopening the accounts for the intervening years; |

(g) it is now desired to give valid retrospective effect to the revised method of crediting and debiting of sums to the reserve fund from the 1st day of September, 1960, and to validate the said adjustments made in the accounts of the provident fund for the year ended the 31st day of August, 1961:

NOW, THEREFORE, BE IT ENACTED by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows-

1. This Ordinance may be cited as the Grant Schools Provident Fund Rules (Amendment and Validation) Ordinance, 1962, and shall be deemed to have had effect as from the 1st day of September. 1960.

2. Rule 11 of the Grant Schools Provident Fund Rules, 1952, is and replace revoked and replaced by the following-

meat of

rule 11.

(33 of 1952.

1958 Reprint.

Third

Schedule).

"Reserve

fund.

11. (1) A reserve fund shall be maintained, to which shall be--

(a) credited each year-

(i) the proceeds of any realization upon sale or maturity of any security during the year in so far as such proceeds exceed the cost price to the fund of such security;

(ii) the net amount of any donation, including any dividend earned thereby, standing to the credit of any contributor to whom such donation 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-

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any loss incurred upon sate 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 circum- stances 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- Tule (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 nay, in the discretion of the board, be credited to contributors' accounts in accordance with rule 12.

(4) There shall be credited to the reserve fund for the year ended the 31st day of August, 1961, an amount equal to the difference between the cast price to the fund of the securities held by the fund on the 1st day of September, 1960, and the market value of such securities at the close of business on the 31st day of August, 1960.”.

This printed impression has been carefully compared by me with the Bill which passed the Legislative Council on the 24th day of October, 1962, and is found by me to be a true and correctly printed copy of the said Bill.

Deputy Clerk of Councils.

(Secretariat GR 1/1686/461)