1965-HKRS30-8-56_Part02 — Page 7

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EDUCATION ORDINANCE 1952.

(No. 33 of 1952).

SUBSIDIZED SCHOOLS PROVIDENT FUND

(AMENDMENT) RULES 1966,

In exercise of the powers conferred by section 44 of the Education Ordinance 1952, the Governor in Council has made the following

ades

1. These rules may be cited as the Subsidized Schools Provident Citation.

Fund (Amendment) Rules 1966.

2. Rule 12 of the Subsidized Schools Provident Fund Rules 1961 Amendment b amended by-ma

(a) being reaumbered as paragraph (1) thereof; and (6) the insertion of the following new paragraph-

"(2) At each annual general meeting of the Board, the Board may declare a supplementary dividend, subject to the approval of the Governor, by way of a percentage of the account of each contributor as at the previous 31st day of August, to be credited in the same manner as provided in paragraph (1) from the excess available under paragraph (3) of rule 11:

Provided that if the approval of the Governor to such supplementary dividend is not given within thirty days of its declaration by the Board, the amount of such) dividend shall be returned to the reserve fund,”

of rule 12. (G.N.A. 117/61)

Clerk of Councils.

COUNCIL CHAMBER.

26th April, 1966,

(Secretariat GR.1/1686/461)

Explanatory Note.

(This Note is not part of the rules but is intended to indicate their general purport).

The Subsidized Schools Provident Fund Rules 1961 are amended to enable the Board of Control of the Provident Fund subject to the approval of the Gerror to apply any available excess under rule 11(3) towards a supplementary dividend in addition to the maximum 4% allowed by rule 12.