TNAG-1447-FCO40-1931-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1986 — Page 148

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SUBSCRIPTIONS AND CONTRIBUTIONS

4.1 A Member's monthly Subscription

Scheme to the Fund shall be sum equal to five and three quarters

(58%) of centum

Member's Monthly Salary, that per which amount shall be deducted by the University from his Salary.

4.2 The University's Monthly Contribution to the Scheme Fund on behalf of each Member shall be

to

equivalent

fifteen Member's Monthly Salary.

centum per

(15%)

of each

4.3 A Member's monthly subscription and the Univer- sity's monthly contribution to the Scheme Fund shall be payable each month so long as membership continues

of regardless

leave study any

leave of other or absence from the University whether paid or unpaid which may be granted to the Member.

+

1

MANAGEMENT AND INVESTMENT

6.1 The assets for the time being of the Scheme shall be vested in the Council and shall be held in the name of the Council or such aomisee or trustee for the Council as the Council may, ie its absolute dis- cretion, think fit.

or

6 .2 The Council shall hold upon trust all the assets and income for the time being forming the Scheme Fund and

invest all shall

thereof ia any any part investment or category of investments approved by the Council (including, without limiting the generality of the foregoing, life assurance policies in such form and containing such terms and conditions &# the Council may in its absolute discretion think fit) behalf of the Neubers,

OR

6.3 The Council shall be entitled to appoint such Investment Advisers and/or Investment Manager(s) of the Scheme Fund as the Council may from time to time determine.

Ог

6.4

or

4 In the event of a Member being granted leave of absence from the Baiversity on either

unpaid an partly paid basis (and therefore in respect of such Member по deduction from salary being available less than the usual deduction from salary being avail- able) then, it being incumbent upon the Member and the University to continue their respective Subscription and Contribution to the Scheme Fund, the Member shall be deemed to be receiving during his period of leave of absence from the University .a Salary equivalent to the Salary which was being received by bin inmediately prior to his departure from the University on leave.

ADMINISTRATION

5. The Scheme shall be administered either by the Council or by such separate and independent parties or trustee Or trustees as the Council, in its absolute discretion, may decide. The Nembers of the Council may exercise all powers or discretions vested by these presente by operation of law,

any of them have standing that they or personal interest in the mode or result of any such power or discretion.

in thes notwith- direct

or

The financial year of the Scheme shall end On December 31st in each year.

CUARANTEED BENEFIT

7.1 Subject to Clauses 7.4 and 7.5 hereof,

upon the cessation of a Member's membership of the Scheme for any reason other than death he shall be entitled to Guaranteed Benefit calculated in accordance with the formula referred to in Clause 7.2 below, after taking

account isto

the circumstances giving rise cassation of membership of the Scheme.

7.2

The

teres

to

the

to

the

to

the

Guaranteed Benefit

which, subject of these regulations, will be payable Xember upon the cessation of kis membership of

event of death) shall be Schens (other than in the calculated by reference to the following calculation formula:-