Seksyen 16
of Akta 272
Seksyen 16
Any employer or|group of employers who, before the date on which this section comes into force, has established a provident fund or other scheme for the benefit of all or of a group of his or their employees shall, within one month of such date furnish the
Board with such particularg of such provident fund or other scheme as the Board may prescribe or in any particular case require and, |if after examining such particulars the Board is satisfied that such provident fund or other scheme provides for an employee benefits not less 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, no contributions shall become payable to the Fund by the employees for whose benefit such approved fund has been established or by the employer or employers of such employees in respect of such employees.
(2)
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 parti-culars 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 prdvide 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 Fu d shall, from a date to be fixed by the Board, cease fo be payable both by the employees for whose benefit such approved fund is established and by the employer jor employers of such employees in respect of such employees.
(3)
Where, either-by reason 0 the transfer of an employee to an employment in respect of which an approved fund exists or in the cireumstances described
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> their parti-scheme ig such ovident aployee benefits nd, the
> other oard so a date both by fund is of such r of an rich an ascribed in sub-section (2) of] this section, contributions in respect of an employe¢ 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.
(4)
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 employ-ment, 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.
(5)
An employer who has established an approved fund shall— | .
(a)
furnish the Board with such accounts in respect of such approved fund duly certified by an accountant who has been approved under section 134 of the Companies Ordi-nance of the|Straits Settlements as appli-cable throughout the Federation by virtue of the Companies Ordinance, 1946, as the
Board may require;
(b)
inform the Board of any proposed amendment to the rules of such approved fund and shall not effect any such amendment except with the written sai ction of the Board;
(c)
furnish the Pos master-General with such particulars of| those employees for whom such approved fund has been established as may be prescribed by the Board.
(6)
The Board may, if not satisfied with the management of any approved fund, revoke any declaration made under svb-section (1) or sub-section
(2)
of this section, and upon such revocation, the amount of the contributiohs paid since the date on which section 7 of this Ordinance comes into force both by the employer and by his employees shall, not-withstanding 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. \
136 No. or 1951.
(7)
An employer shall\be subject to the same penal-ties 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 contri- :
butions relating to the Fund.
(8)
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 (6) 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.
(9)
Where in the circumstances mentioned in sub-sections (4) and (6) of this section, any amount of contributions paid since thé 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 stantling to the credit of the employee in an approved und 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 We given to the Board in such manner as may be prescribed by the Board, and if the Board approves such tr nsfer, the Postmaster-General shall credit the employee with the amount so transferred to the Fund. ;
- Cig pro.