SUBSIDIZED SCHOOLS PROVIDENT FUND RULES

SUBSIDIZED SCHOOLS PROVIDENT FUND RULES

SUBSIDIZED SCHOOLS PROVIDENT FUND RULES

Rule

1. Citation

2..............Interpretation . ...

3. Establishment of the Fund

4..............Objects of the Fund ...
5..............Control of the Fund ...
6..............Meetings of the Board ...
7..............Contributors ...

8. Contributions
9. Government's donation
10. Investments
11. Reserve fund

12.
13.
14.
15.
16.
17.
18.

ARRANGEMENT OF RULES

Credits to contributors' accounts
Benefits ... ... ... ... ... ...
Payments out ... ... ... ... ... ... ... ... ... ... ... ...
Transfer of teachers from subsidized schools to grant schools and vice versa
Accounts ... ...
Reports on working of Fund ...
Determination of disputes ... ...

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SUBSIDIZED SCHOOLS PROVIDENT FUND RULES

(Cap. 279, section 85)*

[29 September 1961.1

1. These rules may be cited as the Subsidized Schools Provident
Fund Rules.

2. In these rules, unless the context otherwise requires

'Board' means the board of control established in accordance with the
provisions of rule 5;

'code of aid for primary schools' means the code under the terms of
which the Government gives subsidies to certain primary schools;

'code of aid for secondary schools' means the code under the terms of
which the Government gives subsidies to certain secondary
schools;

'continuous contributory service', in relation to a teacher, means any
period of service during which the teacher makes continuous
contributions to a provident or super-annuation fund approved by
the Director for the purposes of these rules, including continuous
contributions to the Fund maintained in accordance with these
rules; and includes

(a)study leave, sick leave or maternity leave approved by the
Director; and

(b)subject to rule 15, any service at 2 or more subsidized schools,
or at 1 or more subsidized schools and at 1 or more grant
schools, either without a break in teaching service on
appointment to one such school after ceasing to be employed
at another such school, or with such a break if the break has
been approved by the Director;

'contract', in relation to a contributor, means a fixed term contract
under which the contributor is employed;

'contributor' means a person who contributes to the Fund;

'donation' means the Government donation referred to in rule 9;

'Fund' means the provident fund established in accordance with the
provisions of rule 3;

'Grant Code' and 'grant school' have the meanings ascribed thereto in
the Grant Schools Provident Fund Rules;

These rules were made under section 53 of the repealed Education Ordinance
(Cap. 279, 1964 Ed.) and, by virtue of section 36(1) of the Interpretation and
General Clauses Ordinance, continue to have the like effect as if they had been
made under section 85 of the new Education Ordinance (enacted in 1971).







'Grant Schools Provident Fund' means the provident fund maintained
in accordance with the provisions of the Grant Schools Provident
Fund Rules;

'secretary' means the person for the time being appointed in
accordance with rule 5 to be secretary to the Board;

'subsidized school' means-

(a)

(b)

any secondary school which receives subsidies in accordance
with the code of aid for secondary schools and

(i) was, before 1 April 1973, in receipt of subsidies in
accordance with the Subsidy Code; or

(ii) was not, before that date, in receipt of subsidies under
the Subsidy Code or of grants under the Grant Code;

any primary school which receives subsidies in accordance
with the code of aid for primary schools and

(i) was, before 1 April 1975, in receipt of subsidies in
accordance with the Subsidy Code; or

(ii) was not, before that date, in receipt of subsidies under
the Subsidy Code or of grants under the Grant Code; and

(c)any special school which receives subsidies in accordance
with the Subsidy Code;

'Subsidy Code' means

(a)in relation to secondary schools, the code under the terms of
which, before 1 April 1973, the Government gave subsidies
to certain secondary schools;

(b)in relation to primary schools, the code under the terms of
which, before 1 April 1975, the Government gave subsidies
to certain primary schools; and

(c)in relation to special schools, the code under the terms of
which, the Government gives subsidies to certain special
schools;

'Subsidized Primary Schools Council' means that body of persons

composed of representatives of the subsidized primary schools
appointed by the Director;

'Subsidized Secondary Schools Council' means that body of per

sons composed of representatives of the subsidized secondary
schools recognized by the Director;

'treasurer' means the person for the time being appointed in

accordance with rule 5 to be treasurer of the Fund.

(1) There shall be established a fund to be known as the
'Subsidized Schools Provident Fund' which shall consist of







(a) the contributions of contributors as provided in rule 8;

(b) donations from Government as provided in rule 9;





(e)dividends or interest accruing from investments or deposits
of the accumulated capital of the Fund; and

(d)any voluntary subscriptions, legacies or other moneys or
benefits bequeathed or donated to the Fund.

(2) For the purposes of the Fund the financial year shall be deemed
to run from 1 September in any year until 31 August next following.

4. The object of the Fund is to provide, subject to the provisions of
these rules, for payments to be made upon resignation, retirement,
dismissal or termination of contract to teachers employed in subsidized
schools or to their estates in case of death.

5. (1) The Fund shall be controlled, subject to the provisions of
these rules, by a board of control consisting of the following members

(a)a Chairman, who shall be the Chairman of the Subsidized
Primary Schools Council;

(b)a Vice-Chairman, who shall be appointed by the Subsidized
Secondary Schools Council;

(c) the Director or his representative;

(d)the Director of Accounting Services or his representative;
and

9 additional members who shall be contributors, of whom

(i) 6 shall be appointed by the Subsidized Primary Schools
Council; and

(ii) 3 shall be appointed by the Subsidized Secondary
Schools Council.

(2) The Vice-Chairman and the 9 additional members of the Board
appointed under paragraph (1) shall be appointed for 'Such terms of
office, not exceeding 2 years, as the Subsidized Primary Schools Council
or the Subsidized Secondary Schools Council, as the case may be, may
determine, and shall

(a)be subject to dismissal from office at any time by the direction
of the Subsidized Primary Schools Council or the Subsidized
Secondary Schools Council, as the case may be; and

(b)be eligible for re-appointment to office on the expiration of
any term of office.

(3) The Board shall from time to time, as appears to it expedient,
elect from among its members 1 member to act as secretary for such
period as the Board may require.







(4) The Director of Accounting Services shall appoint a treasurer of
the Fund who shall not sit as a member of the Board unless so directed
by the Director of Accounting Services to represent him on the Board.

(5) The cost of the administration of the Fund shall be a charge on
the general revenue of the Colony

Provident that the Financial Secretary may diret that an
annual supervision fee, to be determined by him, shall be charged
against the income of the Fund and paid into the general revenue of
the Colony.

6. (1) Subject to paragraph (1A), the Board shall meet at such times
and in such places as the Chairman may determine.

(1A) An annual general meeting of the members of the Board

quorum.

shall be held not later than 31 August in each year.

(2) At any meeting of the Board 7 members shall constitute a

(3) The validity of any proceedings of the Board shall not be
affected by any vacancy among the members thereof or by any defect in
the appointment of any member thereto.

(4) All questions coming or arising before any meeting of the Board
shall be determined by a majority of the members present and voting
thereon.

(5) The Chairman, or Vice-Chairman in the absence of the Chairman,
shall preside at any meeting of the Board and shall have an original vote
and also, if upon any question the votes shall be equally divided, a
casting vote.

(6) The proceedings at any meeting of the Board shall be recorded
in the form of minutes maintained by the secretary and entered in a book
maintained by the Board for that purpose.

(7) The Board may make standing orders for regulating the
procedure to be adopted at its meetings or otherwise in connexion with
the conduct of its business.

7. (1) Subject to paragraph (1A), every teacher approved for the
purposes of the Subsidy Code or the code of aid for secondary or
primary schools and employed in a subsidized school (including any
such teacher while on probation) shall be required to contribute to the
Fund in the manner provided in rule 8, except

(a) any teacher employed on a temporary basis;

(b)any teacher in receipt of salary based on a salary scale
applicable to unqualified teachers:

Provided that any such teacher may at his option
contribute to the Fund;





(c)any teacher who is in continuous contributory service
otherwise than by reason of contributing to the Grant Schools
Provident Fund:

Provided that any such teacher may at his option
contribute to the Fund;

(d)any teacher who, being first appointed to a subsidized school
before 1 September 1980, was over the age of 50 years upon
such appointment, or who, upon his first appointment to a
subsidized school on or after 1 September 1980, was or is over
the age of 55 years:

Provided that-

(i) the provisions of this sub-paragraph shall not apply in
the case of any such teacher who, at the time of first
appointment to d subsidized school, is in continuous
contributory service by reason of making contribution to the
Grant Schools Provident Fund; and

(ii) any such teacher who, at the time of first appointment to
a subsidized school, is in continuous contributory service
otherwise than by reason of making contribution to the Grant
Schools Provident Fund, may at his option contribute to the
Fund;

(e)any teacher who is a member of a religious order, convent or
missionary body:

Provided that any such teacher may at his option
contribute to the Fund;

any teacher employed on a part time basis:

Provided that, subject to the approval of the Director,
any such teacher may at his option contribute to the Fund.

(1A) Any teacher in a subsidized school who was not more than 55
years of age on 1 September 1980 may, if he is not a contributor, at his
option contribute to the Fund.

(2) Subject to paragraphs (2A) and (2B), any option exercised
pursuant to the provisions of paragraph (1) may be exercised at any
time, but shall

(a) be irrevocable; and

(b) not be exercised with retrospective effect otherwise than-

(i) to the date of first appointment in a subsidized school, or

(ii) for a period of 3 months, whichever is the less.

(2A) An option to contribute to the Fund by a teacher to whom
paragraph (1)(d) applies (other than a teacher first appointed to a
subsidized school on or after 24 June 1982) or by a teacher to whom
paragraph (1A0 applies

(a) shall be irrevocable; and





(b)if exercised not later than 3 months after 24 June 1982, may be
retrospective to the date of his first appointment to a
subsidized school, or to such other date after such first
appointment, as the teacher may specify in the option, but in
any event shall not be retrospective to a date earlier than 1
September 1980.

(2B) Where an option has been exercised by a teacher before 24
June 1982 and by virtue of paragraph (2)(b)(ii) such option is
retrospective to a date after the date of his first appointment to a
subsidized school, the teacher may exercise an additional option, not
later than 3 months after 24 June 1982, to contribute to the Fund from
the date of his first appointment to a subsidized school or from 1
September 1980, whichever is the later.

(3) Any question arising as to whether, for the purposes of
paragraph (1), a teacher is employed on a temporary basis shall be
determined by the Director whose decision shall be final.

8. (1) Contribution to the Fund shall be at the rate of 5 per cent of
the contributor's basic salary, including any allowances approved for
that purpose by the Director, and, except with the consent of the
Director, shall only be payable in respect of periods during which the
contributor draws his basic salary.

(2) Subject to paragraph (2A), contributions shall be deducted from
each contributor's salary monthly by the supervisor of the school who
shall within 7 days thereafter pay to the treasurer the amount of such
deduction.

(2A) Where an option to contribute to the Fund is exercised with
retrospective effect under rule 7(2A) or (2B) any contributions payable
by a contributor in respect of the retrospective period shall be deducted,
in such instalments as the Director may determine, from the salary of the
contributor monthly by the supervisor who shall within 7 days
thereafter pay to the treasurer the amount of such deduction.

(3) It shall be the duty of the supervisor of every subsidized school
to maintain a separate account for each contributor employed in the
school and every such account shall specify

(a) all contributions paid thereto;

(b) all donations made by Government thereto; and

(c)such other credits as may from time to time be communicated
to the supervisor by the treasurer.

(4) The total of each contributor's account as maintained by the
supervisor shall be reconciled annually with the treasurer.

(5) On application to the supervisor, every contributor shall be
entitled to inspect at any reasonable time the account standing in his
name.





9. (1) For each contribution by a contributor, Government shall pay
to the Fund a sum referred to in these rules as a Government donation.

(2) A Government donation shall be paid to the Fund each month
when the contribution by a contributor becomes payable, or, in the case
of any contribution payable under rule 8(2A), when the contribution by
a contributor is deducted from his salary, and shall be an amount equal
to the following percentage of the contributor's basic salary, including
any allowance approved for that purpose by the Director

(a)5 per cent, if his continuous contributory service is less than
10 years;

(b)10 per cent, if his continuous contributory service is not less
than 10 years but less than 15 years;

(c)15 per cent, if his continuous contributory service is not less
than 15 years.

(3) A Government donation paid in respect of a contributor shall be
forthwith credited to his account by the supervisor and by the treasurer.

(4) In the calculation of continuous contributory service for the
purposes of this rule, where a contributor commenced his service on a
day in a month other than the first day of that month, he shall be deemed
to have commenced his service on the first day of that month.

(5) With respect to contributions made at any time by a contributor
during the period beginning on 1 September 1980 and ending
immediately before the commencement* of the Subsidized Schools
Provident Fund (Amendment) Rules 1982, the Government shall pay to
the Fund a sum equal to the difference between the aggregate amount of
the donations payable by the Government to the Fund in respect of
those contributions during that period under the provisions of this rule
then in force and the aggregate amount of the donations which would
have been so payable in respect of those contributions under this rule if
those Rules had been in force during that period; and the account of
each such contributor kept in respect of that period shall be adjusted
and credited accordingly in respect of each of his contributions made in
that period.

10. (1) All sums considered by the Board to be surplus to the
normal cash requirements of the Fund may at the direction of the
Board -

(a) be invested in such securities or deposited in such manner
in the Colony by the treasurer as the Financial Secretary
may from time to time approve for that purpose, or

(b) be remitted to the Crown Agents for investment in such
securities or deposit in such manner as the Secretary of
State may from time to time approve for that purpose,




be-

and the dividends or interest accruing from such investments or
deposits shall be credited to the Fund.

(2) Such realization of the capital of the Fund as the Board
may from time to time consider necessary shall be effected by the
Crown Agents or the treasurer, as the case may be.

(3) Requests to the Crown Agents shall be made through the
medium of the Director of Accounting Services who shall, annually
and whenever requested by the treasurer or an auditor of the Fund,
obtain from the Crown Agents a statement of the investments
showing the nominal value and the middle market price for the time
being of any securities held together with the amount of any
deposits.

11. (1) A reserve fund shall be maintained, to which shall

(a) credited each year-
(i) the proceeds of any realization upon sale or matu-
rity of any security during the year in so far as such
proceeds exceed the cost price to the Fund of such security;
(ii) the net amount of any Government donation,
including any dividend earned thereby, standing to the
credit of any contributor to whom, under rule 13, such
donation is not payable, and
(iii) such proportion of the income derived from invest-
ments and deposits as the Board may think fit; and

(b) debited each year-
(i) any loss incurred upon sale or maturity during the
year of any security having regard to the cost price to the
Fund of such security; and
(ii) such outgoings or losses incurred by the Fund as the
Governor may in special circumstances authorize or direct
in writing.

(2) Where in any year the credit balance of the reserve fund,
after crediting all the items specified in paragraph (1)(a), is less than
the total of all the debits specified in paragraph (1)(b), an amount
representing such difference shall be debited to the income and
expenditure account and credited to the reserve fund.

(3) Wherein any year, after crediting and debiting all the items
specified in paragraph (1), there is a credit balance in the reserve
fund, such -proportion as may be required to meet the 5 per cent
dividend, guaranteed under rule 12(1), shall be debited to the reserve
fund and credited to the income and expenditure account.

(4) Where in any year, after crediting and debiting all the items
specified in paragraphs (1) and (3), the credit balance of the reserve
fund exceeds the aggregate of an amount equal to 5 per cent of the
credit balance of the contributors' accounts as at 31 August and the
total amount of any outstanding Government loans made under





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.





(4) A Government loan made under paragraph (2) shall be repaid
out of the Fund at such time and in such instalments as the Financial
Secretary may determine.

(5) Subject to paragraph (6), the Board may, at its annual general
meeting, declare a supplementary dividend, subject to the approval of
the Governor, by way of a percentage of the account of each contributor
as at the previous 31 August, to be credited to each account from the
excess available under rule 11(4).

(6) No supplementary dividend shall be declared if any
Government loan made under paragraph (2) has not been repaid.

(7) In this rule, 'dividend deficiency accounC means the account to
which the balance of the guaranteed dividend that cannot be met from
the income and expenditure account and the reserve fund is debited.

13. (1) Whenever a contributor ceases to be employed as a teacher
in a subsidized school for any of the following reasons

(a) after 10 years continuous contributory service-

(i) he is compulsorily retired, or dismissed or his contract is
terminated (on completion or otherwise), other than where he
is compulsorily retired, or dismissed, or his contract is
terminated, on account of professional misconduct or being
convicted of an offence; or

(ii) he retires voluntarily, resigns or terminates his contract
(on completion or otherwise), other than where he retires
voluntarily, resigns, or terminates his contract, in order to
avoid compulsory retirement, dismissal, or termination of his
contract, on account of professional misconduct or being
convicted of an offence;

(b)on the ground of ill health, certified by a Government medical
board as constituting reasonable ground for cessation of his
employment;

(c) upon a school ceasing to be a subsidized school;

(d)

death,

then, subject to paragraph (3), his account shall be closed and, in
accordance with rule 14, the amount standing to the credit of his
account at the date of the cessation of his employment, including all
Government donations and all dividends that have been declared up to
and including that date, shall be paid to him or to his personal
representative.

(2) Without prejudice to paragraph (1)(b), (c) and (d), whenever a
contributor ceases to be employed as a teacher in a subsidized school
after 5 years but less than 10 years continuous contributory service for
the reason that

(a)he is compulsorily retired, or dismissed or his contract is
terminated (on completion or otherwise), other than where





he is compulsorily retired or dismissed, or his contract is
terminated, on account of professional misconduct or
being convicted of an offence; or

(b)he retires voluntarily, resigns or terminates his contract
(on completion or otherwise), other than where he retires
voluntarily, resigns, or terminates his contract, in order
to avoid compulsory retirement, dismissal, or termination
of his contract, on account of professional misconduct or
being convicted of an offence,

then, subject to paragraph (3), his account shall be closed and, in
accordance with rule 14, the payment due to him as a contributor
shall be an amount equal to that contributed by him up to the date
of cessation of his employment and all dividends that have been
declared on that contribution plus an amount equal to the following
percentage of all Government donations and all dividends that have
been declared on such donations-
(i)50 per cent, if his continuous contributory service is less
than 6 years;
(ii)60 per cent, if his continuous contributory service is not
less than 6 years but less than 7 years;
(iii)70 per cent, if his continuous contributory service is not
less than 7 years but less than 8 years;
(iv)80 per cent, if his continuous contributory service is not
less than 8 years but less than 9 years;
(v) 90 per cent, if his continuous contributory service is not
less than 9 years but less than 10 years.

(2A) Without prejudice to paragraph (1)(b), (c) and (d), when-
ever a contributor ceases to be employed as a teacher in a subsidized
school-

(a) after less than 5 years continuous contributory service; or

(b)for any of the following reasons, (regardless of the length
of his continuous contributory service) namely, that-
(i) he is compulsorily retired, or dismissed or his
contract is terminated (on completion or otherwise), on
account of professional misconduct or being convicted of
an offence; or
(ii) he retires voluntarily, resigns, or terminates his
contract (on completion or otherwise), in order to avoid
compulsory retirement, dismissal, or termination of his
contract, on account of professional misconduct or being
convicted of an offence,

then, subject to paragraph (3), his account shall be closed and, in
accordance with rule 14, an amount equal to that contributed by
him up to the date of the cessation of his employment, plus such
dividends as have been declared on that contribution, shall be paid
to him.





(3) On the application of a contributor who has ceased to make the
contributions required under rule 8, the Director may, except

(a)where, after 10 years continuous contributory service, the
contributor is compulsorily retired; or

(b) in any case to which paragraph (2A)(b) applies,

direct, subject to such terms and conditions as he thinks fit, that the
contributor's account be kept open, but in that event the period during
which the contributor's account is kept open pursuant to this paragraph
shall not be taken into account as continuous contributory service.

(4) In the calculation of continuous contributory service for the
purposes of this rule, where a contributor commenced his service on a
day in a month other than the first day of that month, he shall be
deemed to have commenced his service on the first day of that month.

(5) A contributor who, at any time during the period beginning on 1
September 1980 and ending immediately before the commencement* of
the Subsidized Schools Provident Fund (Amendment) Rules 1982,
ceased to be employed as a teacher in a subsidized school and became
entitled to be paid an amount ('the former benefit') under the
provisions of this rule in force at that time, shall be entitled to be paid
out of the Fund, in addition to the former benefit, an amount equal to the
difference between the former benefit and the amount which would have
been payable to him under this rule if those Rules had been in force at
that time.



14. (1) Payments due to contributors in accordance with these rules
shall be certified by the secretary and by the treasurer; and cheques
drawn in respect thereof, and in respect of any other disbursements from
the Fund, shall be signed by the Chairman of the Board and by the
treasurer or, if the Chairman is absent from the Colony or for other
reason is unable to sign, by the Vice-Chairman and by the treasurer.

(2) Where a contributor's account has been closed in accordance
with rule 13, no dividend shall be carried thereto in accordance with rule
12, and if after notice has been published in the Gazette no lawful claim
is made within 3 years after the date on which the account was closed,
the amount standing to the credit of the account shall be transferred to
the credit of the reserve fund.

(3) Notwithstanding the provisions of paragraph (2), the amount of
any dividend declared in accordance with the provisions of rule 12 in
respect of an account which was closed at or after the end of any
financial year and before the next following annual general meeting of
the Board shall be paid to the person entitled to payment of the sum
standing to the credit of such account.





15. (1) In any case in which a teacher employed in a sub-
sidized school after the commencement of these rules terminates
his employment in such subsidized school and commences employ-
ment in a grant school, without break in teaching service otherwise
than such break as the Director may approve, such teacher shall
have the option, on application to the Board, of-

(a)having his account closed in accordance with the pro-
visions of rule 13 and receiving payment in accordance
with the provisions of rule 14; or

(b)having his account kept open in accordance with the
provisions of rule 13(3); or

(c)having his account transferred to the Grant Schools
Provident Fund.

(2) In any case in which after the commencement of these rules
a contributory teacher's employment in a grant school is terminated
and his account in the Grant Schools Provident Fund is transferred
to the Subsidized Schools Provident Fund, the treasurer shall open a
contributor's account in the Subsidized Schools Provident Fund in
such teacher's name and shall credit thereto the account so trans-
ferred; and such teacher shall for all purposes thereafter be deemed
to have been a contributor to the Subsidized Schools Provident
Fund with effect from the commencement of his continuous con-
tributory service within the meaning of the Grant Schools Provident
Fund Rules.

(3) For the purpose of this rule, the expression 'without break
in teaching service' means continuity of teaching employment in
either a subsidized school or a grant school, as the case may be,
subject only to change of employment from one such school to
another such school in the course of an unbroken academic year's
teaching service.

16. (1) The treasurer shall, with the assistance of such persons
as the Director of Accounting Services may require, cause proper
accounts to be kept of all transactions of the Fund including a
separate account for each contributor, and shall cause to be pre-
pared for every period of 12 months ending 31 August in each year a
statement of the accounts of the Fund, which statement shall include
an income and expenditure account and a balance sheet and shall be
signed by the Chairman and the treasurer.

(2) The accounts of the Fund and the signed statement of the
accounts shall be audited by an auditor appointed by the Governor
who shall certify the statement subject to such report, if any, as he
may think fit.

(3) A copy of the signed and audited statement of accounts
together with the auditor's report, if any, shall be placed before the
Board at the annual general meeting of the Board next following the





expiration of the period covered by such statement and shall
thereafter be submitted to the Chief Secretary for the information of
the Governor.

17. Notwithstanding any of the provisions of rule 16, whenever so
required by the Governor the Board shall submit to him through the
Chief Secretary a report upon the operation of the Fund and an audited
statement of the accounts of the Fund.

18. Any dispute arising under these rules shall be determined by
the Board:

Provided that any person who considers himself aggrieved by any
decision of the Board may within 30 days after receipt by him of notice
of such decision appeal by way of petition to the Governor whose
decision shall be final.
G.N.A. 117/61. L.N. 35/66. L.N. 44/68. L.N. 88/76. L.N. 226/76. L.N. 240/82. L.N. 304/82. Citation. Interpretation. L.N. 88/76. (Cap. 279, sub. leg.) Establishment of the Fund. Objects of the Fund. L.N. 88/76. Control of the Fund. L.N. 88/76. Meetings of the Board. L.N. 88/76. Contributors. L.N. 88/76. L.N. 240/82. L.N. 304/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. Contributions. L.N. 88/76. L.N. 240/82. L.N. 240/82. Government's donation. L.N. 240/82. (L.N. 240/82.) [*24.6.82.] Investments. Reserve fund. L.N. 240/82. Credits to contributors' accounts. L.N. 240/82. Benefits. L.N. 88/76. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. (L.N. 240/82.) [*24.6.82.] Payments out. L.N. 240/82. L.N. 240/82. Transfer of teachers from subsidized schools to grant schools and vice versa. (Cap. 279, sub. leg.) Accounts. L.N. 226/76. Reports on working of Fund. L.N. 226/76. Determination of disputes.

G.N.A. 117/61. L.N. 35/66. L.N. 44/68. L.N. 88/76. L.N. 226/76. L.N. 240/82. L.N. 304/82. Citation. Interpretation. L.N. 88/76. (Cap. 279, sub. leg.) Establishment of the Fund. Objects of the Fund. L.N. 88/76. Control of the Fund. L.N. 88/76. Meetings of the Board. L.N. 88/76. Contributors. L.N. 88/76. L.N. 240/82. L.N. 304/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. Contributions. L.N. 88/76. L.N. 240/82. L.N. 240/82. Government's donation. L.N. 240/82. (L.N. 240/82.) [*24.6.82.] Investments. Reserve fund. L.N. 240/82. Credits to contributors' accounts. L.N. 240/82. Benefits. L.N. 88/76. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. L.N. 240/82. (L.N. 240/82.) [*24.6.82.] Payments out. L.N. 240/82. L.N. 240/82. Transfer of teachers from subsidized schools to grant schools and vice versa. (Cap. 279, sub. leg.) Accounts. L.N. 226/76. Reports on working of Fund. L.N. 226/76. Determination of disputes.

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