53. Winding up of approved fund

Terms defined in s 2

• approved fund

  approved fund

  Defined · s 2

  “approved fund” means— Employees Provident Fund 13 (a) a provident fund or other scheme for the benefit of employees established by an employer or by a group of employers and declared by the Board under section 52 to be an approved fund, and includes— (i) any scheme in respect of persons who are in the employment of the Government of Malaysia, any State Government or any statutory or local authority and are emplaced on the pensionable establishment; (ii) any arrangement in respect of persons in the employment of any organization where the appointment to such organization is made by or with the approval of the Government of Malaysia of a person who prior to such appointment was in the employment of the Government of Malaysia, any State Government or any statutory or local authority and where the period of service with such organization is reckonable for the purposes of the grant of any pension, gratuity or other benefit by the Government of Malaysia under any written law relating to pensions, and if any doubt arises as to whether any person is in such employment or not, the decision of the Minister shall be final; or (b) any scheme expressly established by any written law immediately before 6 August 1970, for the benefit of the employees in any trade, business, industry or occupation: Provided that such scheme shall cease to be an approved fund upon the Minister declaring that it shall cease to be so;

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• credit

  credit

  Defined · s 2

  “credit” means the contributions standing to the account of a member of the Fund together with any dividend thereon;

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• Fund

  Fund

  Defined · s 2

  “Fund” means the fund set up under section 24;

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• Minister

  Minister

  Defined · s 2

  “Minister” means the Minister charged with responsibility for matters relating to the Employees Provident Fund Board;

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• new scheme

  new scheme

  Defined · s 2

  “new scheme” means the revised salaries and terms and conditions of service of employees in the service of the Government of Malaysia or of any State or of a statutory or local authority arising from the revision of salaries and terms and conditions of service of such employees made by the Government of Malaysia or of any State;

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