Sugar Industry Pension Fund Act

Sugar Industry Pension Fund (Rates of Interest) Regulations 1963

[GN 12 of 1963 – 30 March 1963] [Section 51]

1. These regulations may be cited as the Sugar Industry Pension Fund (Rates of Interest) Regulations 1963.

2. In these regulations –

"Act" means the Sugar Industry Pension Fund Act.

3. The rate of interest allowable or payable –

(a) on the employer's and his employee's contributions, together with their proportionate share of interest, transferred to the Sugar Industry Fund from the Retiring Fund shall be calculated at the rate of 5 per cent per annum as from the 1 January 1962, in the case of employees who were associates of the Sugar Industry Retiring Fund and were members of the Fund as at 31 December 1962;

(b) on the employee's total contributions to the Fund, together with interest accrued on such contributions, shall be calculated at the rate of 4 per cent per annum as from the 1 January 1962, in the case of employees who were members of the Fund as at 31 December 1962; and

(c) on the employee's total contributions to the Fund, shall be calculated at the rate of 4 per cent per annum in the case of employees who shall become members of the Fund after the 31 December 1962.

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Sugar Industry Pension Fund Rules 1955

[Act 42 of 1955 – 31 December 1955] [Sections 2 and 51]

PRELIMINARY

1. The Sugar Industry Pension Fund Rules

These rules may be cited as the Sugar Industry Pension Fund Rules 1955.

2. Monthly return to be furnished by Employer

Every employer shall furnish to the Board, at the end of every month, a signed statement showing the salary or wage paid during such month by such employer to every one of his employees who is a member of the Fund and liable to
contribute thereto.

THE BOARD

3. Constitution of Board

The Board shall be composed of 13 Directors of whom –

(1) 6 shall be representatives of employers, to be elected as hereunder provided;

(2) 2 shall be representatives of staff-employees, to be elected as hereunder provided;

(3) 2 shall be representatives of artisans, to be elected as hereunder provided;

(4) 2 shall be representatives of labourers, to be elected as hereunder provided;

(5) one shall be appointed by the above 12 Directors themselves, by a majority of votes, or in case of an equality of votes, by the drawing of lots from among the candidates put forward by the aforesaid 12 Directors, each Director being entitled to submit the name of one candidate:

Provided that the 6 Directors elected under (2), (3), (4) above shall all be members of the Fund:

Provided also that from the commencement of the Act up to the date 6 months after the date of inception of the Fund, the Board of the Sugar Industry Retiring Fund as constituted during that period shall act as the Board with all powers and duties laid down in the Act and in these rules.

The Board of the Sugar Industry Retiring Fund shall within 6 months from the date of inception of the Fund call general meetings of employers and employees for the purpose of electing representatives to the Board as provided in these Rules. At the expiry of such period, the Board of the Sugar Industry Retiring Fund shall be replaced by the Board as elected at such general meetings.

4. Election of employers' representatives

Representatives of employers shall be elected by the employers assembled in general meeting under the provisions of the Act, and shall hold office for a period of 2 years from the date of their election:

Provided that 3 of such representatives shall vacate office by rotation, at the end of each year; such rotation being determined by the drawing of lots at the end of one year from the first election of representatives by the general meeting of employers under this rule.

5. Representatives of employers may be re-elected

At the termination of their tenure of office, representatives of employers shall be eligible for re-election.

6. Election of employees' representatives

Representatives of employees shall be elected by the employees assembled in general meeting under the provisions of the Act, and shall hold office for a period
of 2 years from the date of their election:

Provided that one representative of the Staff-employees, one representative of the artisans and one representative of the labourers shall vacate office by rotation at the end of each year; such rotation being determined by the drawing of lots at the end of one year from the first election of representatives by the general meeting of
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