CO129-624-5 Grant Code 1-6-1950 - 30-6-1950 — Page 16

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unnecessary,

and he shall give specific reasons

for his judgment, Government shall then communicate the report to the Manager or Correspondent, and give him formal warning that the grant may be withheld or reduced if the Director again reports that the school is inefficient or unnecessary. (ii) In his next annual report, and after a visit paid

with due notice to the school, the Director shall

state whether he thinks the school is still

inefficient or unnecessary, and he shall again give specific reasons for his judgment. If this second report is adverse, withdrawal or specified reduction of the Annual Grant shall then become

effective after 3 months' notice of such

withdrawal or reduction has been given to the Manager or Committee of Management.

PART II

Contributio

ons to

Provident Fund.

Board of

Control.

40.

PROVIDENT FUND AND BUILDING DEPRECIATION FUND.

PROVIDENT FUND.

A contributory Provident Fund shall be instituted for the permanent full-time teaching staff of all Grant-in-Aid Schools. Contribution to this Fund shall be optional for teachers who are members of religious orders and congregations or missionary bodies, or who are already contributing to provident or Superannuation funds approved by the Director of Education, and shall be obligatory for all other permanent full-time teachers.

41.

The contribution of each teacher shall be five percent of his basic salary and shall be made monthly. Government shall contribute an equal amount.

42.

All contributions shall be paid into a commun (rust fund which shall be invested by the Hong Kong Treasury. 43.

The general administration of the Fund shall be vested in a Board of Control nominated by Government and including a representative of the contributors.

440

All necessary Regulations for the conduct of the Grant Schools' Provident Fund shall be drawn up by the Board of Control and approved by Government.

Building Depreci- ation Fund. Calcu- lation of grant.

45.

BUILDING DEPRECIATION FUND.

In respect of Grant School premises owned by the school authorities an annual grent may be made of not less