651859-1891-Ordinance-30-of-1890-Assented-to — Page 3

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THE HONGKONG GOVERNMENT GAZETTE, 17TH JANUARY, 1891.

Abatement of salaries. Ibid. 5 & 2.

Voluntary contributors, Ibid. 6.

Directors. Ibid. 13.

Annual Accounts. Ibid. 1$.

Regulation Ibid. 40.

Appeal to Governor in Council. Ibid. 31.

Currency.

working ex-

penses.

Ibid. 14.

Investigation

by actuary. Ibid, 28.

4. An abatement at the rate of four per cent shall be made by the Colonial Treasurer or the Crown Agents as the case may be on each payment of the salary or pension of every public officer who shall enter the Civil Service of the Colony after the 31st December, 1890, or whose yearly salary, having previously been less than two hundred and forty dollars shall, after such date, be increased to two hundred and forty dollars or more, and of the salaries of the persons at present holding the offices mentioned in schedule 4. bereto and of their successors in the said offices. All other payments and contributions to the fund shall be made to the Colonial Treasurer and placed to the credit of the fund. Provided always that on good and sufficient cause shown the Governor in Council may exempt from such abatement any officer mentioned in the said schedule.

5. The directors may admit any public officer who shall have been appointed before the coming into force of this Ordinance to contribute towards the fund, provided that such public officer shall pay forthwith, or by such instal- ments as the directors shall determine, a sum equal to all the abatements which would have been made from his salary and all the compound interest which would have accrued on such abatements if he had commenced to con- tribute to such fund on the date when this Ordinance first came into force. And every public officer so admitted to contribute to the fund shall be entitled to the same privileges and shall be subject to the same conditions in respect of the fund as are all other contributors.

Management of the Fund.

6. The Governor in Council shall appoint annually or from time to time as may be necessary, five directors of the fund, who shall be eligible for re-appointment, and whose duty it shall be to superintend the management and administration of such fund, and to enforce the laws and regulations relating thereto. Any three of such direc- tors shall form a quorum.

7. The directors shall, on or before the thirty-first day of January in each year, prepare a detailed state- ment and account of the fund for the year ending on the thirty first day of December preceding, with such report on the state and prospects of such fund as the directors may deem necessary. Such statement and report shall be sub- mitted to the Governor and laid before the Legislative Council, and shall be published in the Gazette. The outgoing directors shall continue to hold office until new directors are appointed.

8. The directors may make regulations not inconsistent with this Ordinance for the better carrying out of the same, and such regulations shall be subject to the approval of the Governor in Council, and shall be published in the Gazette.

9. All acts and decisions of the directors under this Ordi- nance may be revised and modified by the Governor in Council, whose decision shall be final in all questions which may arise under this Ordinance.

10. All payments into and out of the fund shall be made in dollars current in the Colony, and no pension shall be either increased or abated on the ground that the pensioner entitled to it is residing in a country where dollars are not current. When a contributor is drawing pay or pension in sterling, such pay or pension shall be abated four per cent in sterling, and the fund shall be credited with the equivalent of such abatement at the rate of exchange of the day.

11. A sum not exceeding five per cent shall be deducted from the total annual contributions to the fund to defray all expenses connected with its administration.

12. On the thirty first day of December of the tenth year after the coming into force of this Ordinance, or so soon after as possible, and quinquennially thereafter, an actuary or actuaries to be appointed by the Governor in Council shall investigate the fund, and report fully as to its working, its results, its financial position, and whether any, and if so, what re-adjustment of pensions or contributions is necessary.