D 10
[Subsidiary]
Credits to contributors' accounts.
L.N. 240 82.
CAP. 279] Subsidized Schools Provident Fund Rules
[1982 Ed.
rule 12(2), any such excess may, at the discretion of the Board, be credited to the contributors' accounts under rule 12(5).
(5) When in any year the Financial Secretary determines under rule 12(4) that any Government loan made under rule 12(2) shall be repaid, either in whole or in part, then-
(a) if the credit balance of the reserve fund exceeds the amount of the loan to be repaid, that amount shall be debited to the reserve fund and credited to the dividend deficiency account; and
(b) if the credit balance of the reserve fund is less than the amount of the loan to be repaid, an amount representing such difference shall be debited to the income and expenditure account and credited to the reserve fund.
(6) In this rule and in rule 12, "income and expenditure account" means the account maintained for receiving the credits of income from investments and income other than of a capital nature, and the debits of expenses other than of a capital nature, relating to the operation of the Fund and for determining the surplus or deficit resulting from the operation.
12. (1) At each annual general meeting of the Board, the Board shall declare to the account of each contributor a credit of 5 per cent of each such account as at the previous 31 August, hereinafter referred to as the guaranteed dividend, out of the sum comprised of the following-
(a) the income of the Fund after providing for any expenses and for the amount, if any, credited to the reserve fund under rule 11(1)(a)(iii);
(b) any amount debited to the income and expenditure account under rule 11(2);
(c) any amount credited to the income and expenditure account under rule 11(3);
(d) any amount credited to the income and expenditure account, being the amount of the transfer to the debit of the dividend deficiency account, of the balance of the guaranteed dividend which cannot be met from the income and expenditure account and which is underwritten by the Government by way of a loan made under paragraph (2).
(2) Where in any year the guaranteed dividend cannot be met under paragraphs (1)(a), (1)(b) and (1)(c), the Financial Secretary may direct that a sum, sufficient to cover the debit of the dividend deficiency account under paragraph (1)(d), to be paid out of the general revenue and referred to in these rules as a Government loan, shall be paid to the Fund.
(3) A Government loan made under paragraph (2) shall not bear interest against the Fund and shall be a charge against the reserve fund.
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Page 11
D 10
[Subsidiary]
Credits to contributors' accounts.
L.N. 240 82.
CAP. 279] Subsidized Schools Provident Fund Rules
[1982 Ed.
rule 12(2), any such excess may, at the discretion of the Board, be credited to the contributors' accounts under rule 12(5).
(5) When in any year the Financial Secretary determines under rule 12(4) that any Government loan made under rule 12(2) shall be repaid, either in whole or in part, then-
(a) if the credit balance of the reserve fund exceeds the amount of the loan to be repaid, that amount shall be debited to the reserve fund and credited to the dividend deficiency account; and
(b) if the credit balance of the reserve fund is less than the amount of the loan to be repaid, an amount representing such difference shall be debited to the income and expendi- ture account and credited to the reserve fund.
(6) In this rule and in rule 12, "income and expenditure account" means the account maintained for receiving the credits of income from investments and income other than of a capital nature, and the debits of expenses other than of a capital nature, relating to the operation of the Fund and for determining the surplus or deficit resulting from the operation.
12. (1) At each annual general meeting of the Board, the Board shall declare to the account of each contributor a credit of 5 per cent of each such account as at the previous 31 August, hereinafter referred to as the guaranteed dividend, out of the sum comprised of the following-
(a) the income of the Fund after providing for any expenses and for the amount, if any, credited to the reserve fund under rule 11(1)(a)(iii);
(b) any amount debited to the income and expenditure
account under rule 11(2);
(c) any amount credited to the income and expenditure
account under rule 11(3);
(d) any amount credited to the income and expenditure account, being the amount of the transfer to the debit of the dividend deficiency account, of the balance of the guaranteed dividend which cannot be met from the income and expenditure account and which is underwritten by the Government by way of a loan made under paragraph (2).
(2) Where in any year the guaranteed dividend cannot be met under paragraphs (1)(a), (1)(b) and (1)(c), the Financial Secretary may direct that a sum, sufficient to cover the debit of the dividend deficiency account under paragraph (1)(d), to be paid out of the general revenue and referred to in these rules as a Government loan, shall be paid to the Fund.
(3) A Government loan made under paragraph (2) shall not bear interest against the Fund and shall be a charge against the reserve fund.
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