Section 16

Any employer or group of employers who, after the date on which this section comes into force, proposes to establish a provident fund or other scheme for the benefit of all or a group of his or their employees shall furnish the Board with such particulars of that proposed provident fund or other scheme as the Board may require and, if after examining such particulars the Board is satisfied that such provident fund or other scheme will provide for an employee benefits more advantageous to him than the benefits which are provided for an employee by the Fund, the Board may declare such provident fund or other scheme to be an approved fund; and, if the Board so declare, contributions to the Fund shall, from a date to be fixed by the Board, cease to be payable both by the employees for whose benefit such approved fund is established and by the employer or employers of such employees in respect of such employees.

Where, either by reason of the transfer of an employee to an employment in respect of which an approved fund exists or in the circumstances described who, force, ne for employees sh the fund in any such evident benefits which Board eme to are, no by the and has vers of

, after force, scheme their partis scheme such evident employee benefits and, the other oard so a date both by fund is of such r of an nich an described in sub-section (2) of this section, contributions in respect of an employee cease to be payable to the Fund, the amount standing to the credit of such employee shall remain in the Fund to such employee's credit.

Where an approved fund is wound up, or where an employee transfers from an employment in respect of which an approved fund exists to some other employment, the amount standing to each employee's credit, or to such employee's credit, in such approved fund that represents contributions to such approved fund since the date on which section 7 of this Ordinance comes into force and any interest thereon shall, notwithstanding anything to the contrary contained in any other written law, be transferred by the employer to the Fund, and the Postmaster-General shall credit each such employee, or such employee, with such amount, in such manner as the Board shall direct.

An employer who has established an approved fund shall—

The Board may, if not satisfied with the management of any approved fund, revoke any declaration made under sub-section (1) or sub-section (2) of this section, and upon such revocation, the amount of the contributions paid since the date on which section 7 of this Ordinance comes into force both by the employer and by his employees shall, notwithstanding anything to the contrary contained in any other written law, be transferred to the Fund in such manner, and the Postmaster-General shall credit each such employee with such part of such amount, as the Board may direct.

An employer shall be subject to the same penalties in respect of any deductions or contributions under the rules of an approved fund as are provided by this Ordinance in respect of deductions and contributions relating to the Fund.

Any employer who fails to comply with any requirement or direction of the Board under this section, or who effects an amendment to the rules of an approved fund without the sanction mentioned in paragraph (b) of sub-section (5) of this section, shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding three thousand dollars.

Where in the circumstances mentioned in subsections (4) and (6) of this section, any amount of contributions paid since the date on which section 7 of this Ordinance comes into force is transferred to the Fund, the employer and the employee concerned may, by mutual agreement, elect to transfer to the Fund also such amount standing to the credit of the employee in an approved fund as represents the contributions paid to such fund before the date on which section 7 of this Ordinance comes into force. Notice of such election shall be given to the Board in such manner as may be prescribed by the Board, and if the Board approves such transfer, the Postmaster-General shall credit the employee with the amount so transferred to the Fund.

Proceedings for the summary recovery as civil debts of any contribution may, notwithstanding anything in any written law to the contrary, be brought at any time, within three years from the date when the contribution becomes due.