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EMPLOYEES PROVIDENT FUND, 129
Commissioner in Counéil, and may by instrument in writing under the common seal delegate to any person all or any of such powers and duties.
(6)
The Board shall have powers to make rules for the conduct of its proceedings.
4, (1) For the purposes of this Ordinance there shall be a fund to be called the Employees Provident Fund, hereinafter referred to as the Fund, into which shall be paid all contributions required to be made under this Ordinance and out of which shall be met all payments required to be paid under this Ordinance.
(2)
The Board shall be the Trustee of the Fund and all monies belonging to the Fund shall be deposited in trust in a bank or banks approved by the Board or shall be invested by the Board in accordance with the provisions of the Trustee Ordinance, 1949.
(3)
Interest shall be payable on contributions to the
Fund at such rate per annum, not being less than two and one half per centum, as the Board may declare after and in respect of each year ending on the thirty-first day of December: |
Provided that— i
(a)
no such interest shall be payable in respect of the year during which section 7 of this
Ordinance comes into force;
(b)
the Board shall not declare a rate of interest exceeding two and one half per centum per annum until the assets of the Fund, valued at the marketjrate, exceed its liabilities by ten per centum; and
(c)
if on the last day of any such year the excess of the assets:of the Fund, valued at the market rate, over its liabilities is insuffi-cient. to defray the payment of such interest at the rate of two and one half per centum, such deficiency shall be met out of the general revenues of the Federation.
(4)
Where any deficiency in the assets of the Fund has been met, in accordance with paragraph (c) of the proviso to sub-section (3) of this section, the amount of such deficiency shall be; repaid by the Board to the general revenues of the Federation from the assets of the Fund at the end of the year following the year in respect of which such deficiency was met and shall then be a first charge upon the assets of the Fund.
|
Establish-ment of
Provident
Fund,
No. 66 of 1949.
PaaS
Expenses,
Statement of accounts.
Rate of contribu-tions.
130 No. 21 be 1951.