654637-1890-Bill-Widows-and-Orphans-Pensions — Page 2

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THE HONGKONG GOVERNMENT GAZETTE, 18TH JANUARY, 1890.

5. The directors may admit any public officer who shall have been appointed before the coming inte 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 annually appoint five directors of the fund, who shall be eligible for re-appoint- ment, and whose duty it shall be to superintendent the management and administration of such fund, and to enforce the laws and regulations relating thereto. Any three of such directors shall form a quorum.

7. The directors shall, annually, 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, and new directors shall not be ap- pointed until such publication is made.

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.

Investment of the Fund. Conditions of Contribution.

13. All moneys belonging to the fund shall be placed on deposit in the Colonial Treasury or in such Bank as may be fixed upon by the Directors, and shall bear interest at the yearly rate of six per cent without deduction. Such interest shall be calculated on the daily balances standing in the hands of the Colonial Treasurer to the credit of such fund, and the amount of interest so due shall be computed half-yearly, and carried to the credit of such fund not later than the tenth day of January and the tenth day of July in each year. Each contributor shall be entitled to be credited in the Colonial Treasurer's books with com- pound interest on his contributions at the rate of six per cent, computed half-yearly as aforesaid.

14. The abatement of four per cent from the salary of any contributor shall continue until such contributor shall

(1.) Have served for thirty five successive years, or (2.) Have completed the sixty-fifth year of his age, or (3.) Cease to be a public-officer,

Voluntary

• contributors. Ibid. 6.

Directors. Ibid. 13.

Annual Accounts.

Pornletion, Phil. 40.

Anneal to Coverar in Concil. Ibid. 31.

Currency.

Working <x- KOTISER. Zeit. 14.

Investition

by netary. Ibid. 33.

The funds, Lid. A.

Cesser of contribution. Ibid. 7.

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