CENTRAL ELECTRICITY BOARD STAFF PENSION FUND RULES AND REGULATIONS

Transcription

1 CENTRAL ELECTRICITY BOARD STAFF PENSION FUND RULES AND REGULATIONS 1. NAME OF FUND The name of the Fund shall be the CENTRAL ELECTRICITY BOARD STAFF PENSION FUND (hereinafter referred to as the Fund ) and shall be deemed to have come into operation as from the 1st January, 1974, (hereinafter referred to as the Fixed Date ). 2. REGISTERED OFFICE The Registered office of the Fund shall be the Central Electricity Board, Curepipe, Mauritius. 3. OBJECT The object of the Fund is to provide benefits for employees upon their retirement on account of age or ill health, or disability or for the dependents of employees, upon the death of such employees. 4. DEFINITIONS In the Rules words defined below bear the meanings thus assigned to them and, unless inconsistent with the context, all words and expressions importing the masculine gender shall include the feminine and words signifying the singular number shall include the plural and vice versa; and the following expressions shall have the following meanings: ACCRUED RETIREMENT BENEFITS ACTUARY Accrued Retirement Benefits means the deferred benefits calculated on the Fund s formula based on the actual years and months of service. Shall mean such practising Actuaries as the Committee shall from time to time appoint to advise them: Provided that (i) the Committee may at any time cancel any such appointment and (ii) the Actuary shall be either a Fellow at the Institute of Actuaries in England, or of the Faculty of Actuaries in Scotland. 1

2 APPROPRIATE RETIRING AGE Shall have the same meaning as defined in the Income Tax Act. BOARD Shall mean the Central Electricity Board of Mauritius. COMMITTEE Shall mean the Committee of Management appointed in terms of Rule 5. CONTRIBUTORY SERVICE Shall mean service with the Board in respect of which Contributions are made to the Fund by the Board in accordance with these Rules and service in respect of which contributions were made by the Board to the former scheme known as the Pension and Life Assurance and the Superannuation Pension Scheme underwritten by the Anglo-Assurance Society Limited. DEPENDANT Shall mean any person who is shown to be wholly or partly dependent on the Member to the satisfaction of the Committee. EMPLOYEE MEMBER Shall mean a person occupying a permanent post listed in the attached Schedule A provided that on the date of entry to the Fund he has attained 18 years of age and shall include Directors provided that they are employed substantially whole time in the business of the Board. The Board shall in the case of doubt decide whether an Employee is occupying a permanent post. Shall mean any Employee who has been admitted to the Fund and contributes thereto in terms of these Rules. PENSION AGE Shall mean the age of 65 years in respect of Members transferred from the former Pension and Life Assurance Scheme underwritten by the Anglo- Assurance Society Limited and 60 years for all other Members. PENSIONABLE EMOLUMENTS Shall mean the annual pensionable remuneration payable to an employee at the date of his retirement from the service of the Board. 2

3 PENSIONER Shall mean a Member who is in receipt of a pension in terms of these Rules. PERSONAL MEMBER ACCOUNT Personal Member Account is built up as follows: (a) Contributions from the Employer and the Member. (b) Transfers from other pension Scheme. (c) Investment returns on the assets underlying the Member s account RULES Shall mean these Rules, as amended from time to time subject to the approval of both the Commissioner of Income Tax and the Registrar of Association. SALARY Shall mean the basic amount paid by the Board to an employee for his services and shall exclude overtime payments in respect of work performed outside the employee s prescribed bonus, pay in lieu of leave, expenses or any other additional allowances. WIDOW / WIDOWER Shall mean the surviving spouse of a deceased Pensioner provided that she/he was civilly married to him/her prior to his/her retirement on pension. 5. ADMINISTRATION OF FUND MANAGEMENT (i) The Fund shall be administered by a Committee of Management consisting of six persons (hereinafter called The Committee ) The Board shall appoint three members of the Committee one of whom shall nominate as Chairman of the Committee. The other members of the Committee shall be Members of the Fund elected by the Members at an annual general meeting, and shall hold office for a maximum period of one year and be eligible for reelection. (ii) The Board shall have power to appoint alternates to the members of the Committee appointed by it from time to time, and each alternate Committee member, whilst acting in the place of the Committee 3

4 member whom he represents, shall exercise and discharge all the duties of such Committee member. (iii) Any two members of the Committee, one of whom shall be the Chairman are hereby empowered to sign, upon such terms and conditions as the Committee may decide, any contract or other document on behalf of the Fund. (iv) (a) The Committee shall insure the Fund against loss resulting from the negligence, dishonesty or fraud of any persons (including members of the Committee) having the receipt or charge of monies belonging to the Fund. (b) Those officers whose duties are connected with the collection, receipt and/or management of monies on behalf of the Fund shall each furnish securities in the sum of Rs REMOVAL FROM OFFICE (a) Any member of the Committee appointed by the Board may at any time be removed from office by the Board or may resign at any time by giving notice in writing to the Board of his intention to do so and shall inform the other members of the Committee accordingly. (b) Any elected member of the Committee may at any time be removed from office by an ordinary resolution of the members of the Fund passed to that effect at any extraordinary general assembly. Any elected member of the Committee may at any time resign by giving notice in writing to the other members of the Committee of his intention to do so. (c) Any member of the Committee shall cease to hold office if: (i) (ii) (iii) (iv) (v) (vi) he resigns his appointment in terms of Sub Sections (a) & (b) above; or if he dies or becomes insane or in the opinion of the Committee becomes otherwise incapable of acting; or his estate is sequestrated or surrendered or assigned for the benefit of his creditors; or he is convicted of theft, fraud, forgery or uttering of a forged document, or per jury or he is removed by a competent Court from any office of trust on account of misconduct; or he is convicted for any offence and sentenced to imprisonment without the option of a fine. 4

5 7. FILLING OF VACANCY The Board shall fill any vacancy occurring in the office of the three Committee members appointed by it. Any vacancy occurring in the office of the three committee members elected by the members of the Fund shall be filled by an ordinary resolution of the members passed to that effect at an extraordinary general assembly. 8. ADMINISTRATION OF THE FUND AND POWER TO MAKE BY- LAWS The Committee shall manage and administer the Fund in accordance with these Rules, and may make by-laws for its administration not inconsistent with or in extension of the ambit of these Rules. 9. MEETING OF THE COMMITTEE OF MANAGEMENT (a) The Chairman shall preside at all meetings. In his absence from any meeting, the Acting Chairman shall replace him and act in his stead. He shall exercise all the duties and power and have all the obligations of the Chairman. (b) The Committee shall meet at least once every three (3) months or whenever requested by the Chairman or two members of the Committee to conduct the business of the Fund at such times and places as may be required by the Chairman. Four (4) members shall form a quorum and minutes of all meetings shall be kept. At all such meetings the decision of the majority shall be binding. The Chairman of the Committee, or, in his absence, the Chairman of the meeting, shall have a casting vote as well as a deliberative vote. (c) A Resolution in writing signed by all members of the Committee for the time being shall be as valid and effectual as if it had been passed at a meeting of the Committee. (d) Every committee meeting shall be convened by the Secretary by registered letter, posted at least 5 days before the meeting date and giving notice of the date, time and place of such meeting and specifying the Agenda. 10. INDEMNIFICATION The Committee and any officer of the Fund shall be indemnified by the Fund against all proceedings, costs and expenses incurred by reason of any claim in connection with the Fund, not arising from their negligence, dishonesty or fraud. 5

6 11. BOOKS OF ACCOUNT (a) Proper books and records shall be kept and a statement of accounts shall be made up annually as at the 31st December in each year as soon as possible after that date, which accounts shall be audited by the Auditor/s appointed in terms of Rule 12. A copy of Annual Accounts and Balance Sheet shall be sent to the Board, and another shall be available for inspection by members at the Registered Office of the Fund at all reasonable times. Such accounts and Balance Sheet shall be submitted for approval at the Annual General Assembly. (b) A proper record of all relevant details respecting the Members of the Fund and their contributions shall be maintained by the Committee. (c) Every employee, on acceptance as a Member of the Fund shall be furnished with a copy of the Rules. Every member is entitled, on application, to one copy of each of the following: (i) (ii) the latest Annual Accounts of the Fund, and the latest Balance Sheet of the Fund. On payment of a fee of Re 1 (one rupee) per document, any Member may obtain further copies of the Rules, Annual Accounts and Balance Sheet of the Fund. 12. AUDITORS (a) Two Auditors shall be appointed, one by the Board and one by the members at the Annual General Assembly. Every such appointment shall be for a period of one year, unless the auditors are removed by the Committee before the expiration of that period. (b) The Auditors of the Fund shall have access to all books, papers, vouchers, accounts and documents connected with the Fund and shall certify, in writing, the result of each audit. (c) One of the auditors shall hold any of the following qualifications: A.C.A. A.C.C.A. 6

7 13. POWERS OF COMMITTEE The Committee shall have power to carry out the objects and purposes of the Fund in accordance with the Rules, and, without detracting in any way from the generality of this provision, shall have the following powers: (i) (ii) to receive, administer and apply the monies of the Fund; to open and operate banking accounts in the name of the Fund. All moneys paid to the Fund shall be paid into a separate Banking Account or Savings Deposit Account in the name of the Fund in such Bank as the Committee may nominate from time to time, and all operations -on such Banking Account shall be by means of cheques or other written instructions signed by persons appointed for that purpose by Resolution passed by the Committee; (iii) to raise, borrow or lend monies, at interest or otherwise, for the purpose of the Fund; (iv) in respect of all moneys not immediately required to meet current charges upon the Fund, to lend, invest, put out at interest, place on deposit, make advances or otherwise deal with the monies of the Fund upon such securities and in such manner as the Committee may determine, and to realise, vary, reinvest or otherwise deal with such securities as the Committee may determine; (v) in the name of the Fund to enter into and sign any contracts or documents and to institute, conduct, defend, compound or abandon any legal proceedings by or against the Fund; (vi) to make by-laws prescribing the form and the manner in which claims shall be lodged and dealt with by the Fund; (vii) generally to do all such other acts or things as are, in its opinion, conducive to the attainment of the objects of the Fund. All the assets of the Fund shall be registered in the name of the Fund. 14. BORROWING POWERS The Committee may obtain an overdraft from a Bank or borrow money from any person, institution or company on such terms as it may decide for the purpose it may deem necessary or desirable in the interests of the Fund; and with that object it may pledge or otherwise hypothecate any or all of the assets of the Fund. 7

8 15. ACTUARIAL INVESTIGATION The Committee shall cause the financial position of the Fund to be investigated and reported upon by the Actuary at intervals not exceeding five years. The Actuary shall be requested to embody the results of each such actuarial investigation in a written report to the Committee, which shall forward a copy to the Board and to any other competent official having jurisdiction who may require a copy of such report. The actuary may make any recommendations, including, inter alia recommendations as to whether or not any steps are desirable to enable the Fund to continue to provide the benefits provided for under these Rules and as to the utilisation of any surplus, which may be available. The Committee shall submit to the Board for approval the recommendations of the Actuary. 16. PAYMENT OF EXPENSES The expenses in connection with or incidental to the Management of the Fund, including the cost of audits in terms of Rule 12 and of actuarial investigation in terms of Rule 15, shall be paid by the Fund. The Fund shall in addition pay to the C.E.B. Staff Provident Fund an amount equivalent to 1% (one per centum) of the total pension paid by the Fund to secure coverage for the Pensioners. 17. PRINCIPAL EXECUTIVE OFFICER AND SECRETARY (a) The Committee shall appoint a Principal Executive Officer, a Secretary, an Assistant Secretary and if necessary other staff, on such terms and conditions as it may determine. (b) If the Principal Executive Officer is absent for more than thirty days or is otherwise unable to perform his duties, the Committee shall appoint another person to act as Principal Executive Officer for the period of his absence or disability. 18. SAFE CUSTODY OF SECURITIES Any Mortgage Bond, Title Deed or other security belonging to or held by the Fund shall, except when in the temporary custody of others for the purpose of the Fund, be kept in safe custody in the safes or strong room at the registered office of the Fund or with any Bank, or authorised deposit receiving institution approved by the Committee. 8

9 19. MEMBERSHIP (i) (ii) (iii) Every Employee in the service of the Board on the Fixed Date shall become a Member of the Fund. Every employee appointed after the Fixed Date shall become a Member of the Fund provided he is not over the age of 50. If any such Employee is absent from work owing to injury or illness on the day when he first becomes eligible for membership he may join the Fund but the death benefit will be restricted to a return of the contributions made on his behalf until completion of two months continuous active service after returning to work. If a Member has been a member of the CEB Manual Workers Pension Fund before joining this Fund, the Fund shall: (a) Receive the transfer Value not exceeding the Member s actuarial interest in the CEB Manual Workers Pension Fund at the date of his joining the Fund, as certified by the Actuary. (b) Reckon, for pension purpose, the eligible time of service that has accrued under the CEB Manual Workers Pension Fund at the time of his joining this Fund. (iv) (v) (vi) (vii) To qualify for admission to membership, any Employee joining the Board shall submit evidence of his age satisfactory to the Committee and such medical evidence of health as the Committee may require. Subject to the conditions of Clauses (ii) & (iii) above of this Rule, upon the admission of an Employee to membership of the Fund, his rights and obligations hereunder shall be effective from that date on which he becomes a Member. The effective date of membership shall be the date on which he makes his first contribution to the Fund. Every Member of the Fund shall continue to be a Member throughout the period of his permanent employment with the Board. On leaving or retiring from or being dismissed from such employment or dying he shall ipso facto cease to be a Member. Every Member shall acknowledge in writing that he has received a copy of these Rules and that he agrees that these Rules, including any Amendments that may be adopted from time in accordance therewith, shall be binding upon himself and upon his Dependants, heirs and legal representatives. He shall also sign an irrevocable authority authorising the Board from time to time to deduct his contribution to the Fund. 9

10 20. CONTRIBUTIONS (a) Subject to the conditions of Clause (C) of this Rule, each Member shall contribute to the Fund amounts equal to 6% (six per centum) of his Salary which amounts shall be deducted from his Salary by the Board and shall be paid by the Board to the Fund in terms of paragraph (e) hereof. If a Member is on leave he shall continue to contribute his share and that of the Board s on the basis of his salary at the time of going on leave, but subject to such increases of Salary as he may receive whilst on leave. If a Member is on leave on reduced pay or without pay, he shall pay contributions to the Fund periodically in amounts equal to the amount of his latest periodic contributions and that of the Board s before going on leave, and, in default, such Member shall be liable for interest on his total arrear contributions at the same rate per annum as that obtainable from investments and such contributions and interest shall be deducted from the first payment of Salary made or benefits subsequently paid to him or his Dependants or estate. Contributions by a Member shall continue throughout his period of membership, the last monthly contribution being payable on the last day of the month in which the Member retires or in which his membership is terminated. (b) Subject to the conditions of Clause (c) of this Rule, the Board shall contribute to the Fund a monthly contribution expressed as a percentage of the total monthly pensionable salary roll of members from time to time in order to provide for the balance of the cost as assessed by the Actuary at each actuarial valuation. The monthly contribution to be paid by the Board for the time being is 11 % (Eleven per centum) of the total pensionable salary roll of members. (c) If a Member s Salary is decreased he may, subject to the consent of the Board, have the option to continue contributing on the basis of his salary immediately prior to such reduction. If the Board shall give its consent as aforesaid, it shall continue to contribute on the basis of the salary of such member immediately prior to reduction and such salary prior to reduction shall be the salary of the member for the purpose of determining the benefits provided for in Rules 21, 22, 23, 24 and 25. (d) The Board may pay any sum into the Fund by way of Special contributions, if, in the opinion of the Actuary, such contributions are necessary for the proper discharge of the Fund s Liabilities. (e) All contributions shall be paid by the Board to the Fund before the 7th day of the month following the month in which the deductions were made. 10

11 (f) If a Member receives an increase or decrease in Salary, the contributions of such member and the Board in terms of Rules 20 (a) and 20 (b) shall, subject to the proviso contained in Rule 20 (b) be increased or decreased accordingly. 21. PENSION AT PENSION AGE BENEFITS As from , the above Rule has been amended to read:- (a) Except as provided in Rules 22 & 26 every member shall retire on reaching pension age and shall be entitled to an annual pension payable monthly equal to 1/50th (one fiftieth) of Pensionable Emoluments for each year of the last 33 1/3 years of Contributory Service. Fractional periods of service shall be calculated to the nearest month. (b) The pension shall be payable for a period of ten years certain and so long thereafter as the Pensioner survives. If the Pensioner survives the ten year period and subsequently dies leaving a widow to whom he was civilly married prior to retirement, the Pension shall continue to the Widow at half rate until death. If the pensioner shall die during the ten year period the pension shall continue to be payable to the Widow for the balance of the ten year period and should she survive such period, the pension shall continue to the Widow at half rate until her death. Should the Pensioner and his wife die during the ten year period then on the death of the survivor, the pension will continue to be paid during the remainder of the ten years period to the person or persons legally entitled to the survivor s estate. 22. EARLY RETIREMENT PENSION (a) With the consent of the Board a member who retires within ten years of Pension Age having completed not less than five years of Contributory Service, for any cause other than permanent ill-health or disablement (which is provided for under Rule 24) shall immediately commence to draw a Pension calculated on terms of Rule 21. As an alternative to the above benefit, a member may elect to receive in cash the benefit payable in terms of Rule 26II. (b) A member who having completed not less than fifteen years pensionable service may retire from the Board s service on grounds of ill health on the recommendation of Medical Board and shall be entitled to an immediate 11

12 pension in terms of Rule 21(a). This amendment is deemed to be effective as from 22 February LONG SERVICE BENEFIT (a) If a member s annual pension would, by virtue of his time of service, exceed two thirds of his annual wage at the date of his retirement, the commuted value of the excess pension shall be payable to him as a gratuity and shall be subject to income tax in terms of the regulations in force from time to time. (b) Employee joining the Board as from the date the present paragraph is approved by the Commissioner of Income Tax shall not be entitled to the Long Service benefit payable in terms of Rule 23 (a) above. This amendment is deemed to effective as from 15th June DISABLEMENT (a) The benefit payable on the total and permanent disablement of a member in service before attaining Pension Age shall be equivalent to an amount equal to twice his final pensionable remuneration. (b) Total and Permanent Disablement Total and Permanent Disablement shall be deemed to have arisen if prior to normal retirement date: (i) (ii) the member shall suffer the loss by physical severance of two limbs or the sight of both eyes or the loss of physical severance of one limb and the sight of one eye ( limb shall mean leg, arm, entire hand or entire foot). the member has been absent through accident or disease from his employment for six consecutive months, and it is proved to the satisfaction of the Committee that he has become so permanently incapacitated as to render it impossible for him ever to resume his employment or follow any other trade, profession or occupation. In the event of total disablement having taken place as defined in Sub-Section (b) above the whole benefit will be due immediately and membership of the Fund shall cease. The committee of the Fund shall however be entitled to make payment of the above benefit in equal monthly installments not exceeding six months. Exclusions 12

13 No benefit shall be payable for incapacity caused by (i) Self-inflicted injury; (ii) indulgence in alcohol; (iii) the use of drugs (other than as prescribed by a medical practitioner) (iv) aviation, except as a fare-paying passenger; (v) war, whether war be declared or not. 25. DEATH IN SERVICE (a) If, prior to retirement from service under Rules 21, 22 and 24 a member shall die whilst in the service of the Board a death benefit equal to twice his final pensionable remuneration at the date of death shall be payable by the Fund to (b) If no claim is made by any person recognised by the Committee as a dependant within twelve (1 2) months of the death of a member, it will be assumed that there are no dependants, in which case the Committee shall pay any benefits due into the deceased s estate and thereafter no further claim in this regard shall lie against the fund. (c) Payments on the death of a member shall be made to his dependents and in the absence of any dependant to his assignee. 26. WITHDRAWAL BENEFIT (EXCLUDING EARLY RETIREMENT PENSION) (I) (a) If a member leaves the service of the Board after having completed at least five years service with the Board, the actuarial value of the accrued retirement benefits shall, at the option of the Member: (i) be transferred to the superannuation fund established by his new employer, or (ii) be retained in the Fund for the payment of a pension to him upon reaching the Appropriate Retiring Age, or (iii) be transferred to a personal pension scheme approved by the Commissioner of Income Tax. Once a transfer is made under (i) or (iii) above, the Fund shall have no further obligations to any person who may have had rights relating to the accrued retirement benefits. 13

14 (II) If a member leaves the service of the Board before completing 5 years of service with the Board, he shall be entitled to a refund of (a) his own contribution to the Fund under Rule 20 (a) increased by 1/50th (one fiftieth) of the total amount of such contributions for each completed year, he has contributed to the Fund provided that the related actuarial value of the accrued retirement benefits of the member from a previous employment has not been transferred to the Superannuation fund established by his new employer. (b) he shall also receive the Board s contributions as calculated as per Rule 26(b) The remaining balance (if any) shall revert to the Fund. (b) In respect of the Board s contribution paid on behalf of the member of this Fund, the following additional sum will be paid to those members who have completed less than five years of service with the Board calculated as follows: (i) An amount equal to that as calculated under the above clause 26 a(ii) of this Rule. (c) If either the Board or the Fund has sustained any pecuniary loss as the result of a withdrawing member s fraud, dishonesty or serious misconduct, the payment of the benefits shall be subject to the conditions of Rule 34. (d) Should a former Member, entitled to a deferred pension in accordance with rule 26 (a)(i)(ii), die prior to attaining appropriate retiring age, his dependants shall be paid the actuarial value of the accrued retirement benefits at the date of leaving increased by compound interest rate of four per cent per annum to the time of death. (e) If a member who transferred his accrued retirement benefits from a previous scheme leaves the service of the Board before completing five years service, he shall have the same option as mentioned in Rule 26(a) (II). (f) The Board shall all accept the payment into the Fund of the transfer value in respect of a person who was member of another approved Fund or scheme and who becomes a member of this Fund 27. UNCLAIMED MONEYS Moneys remaining unclaimed for five (5) years as from the date a member left the service of the Board (except in the case of death, which is seperately provided for in these Rules) shall revert to the Fund, and there shall thereafter be no further claim against the Fund. 14

15 28. COMMUTATION AND CONDITIONS OF PAYMENT OF PENSION (a) On retirement on pension a member will have the option of surrendering part of his pension for a cash lump sum payment, provided that at least 3/4ths of his total retirement benefit in terms of Rule 21 or 22 are taken in pension form. The commutation shall not affect any widow s pension which shall be equal to one half of the member s pension before computation. FORMULA 100/80*A.P. where A.P. = Annual Pension Surrendered in Rupees. (b) Every person entitled to a pension shall give notice in writing to the Committee of his place of residence and of any change in residence. (c) The annual amount of each pension shall be determined to the nearest cent. (d) Payments of pension shall be made to the beneficiary monthly on the last working day of each month, unless otherwise agreed, upon such evidence of his survival as the Committee may require. If such evidence is not produced, the Committee may, at its absolute discretion, defer payment of the pension until the evidence is produced. (e) The Fund shall be responsible for the payment of any increase which the Board may from time to time approve in respect of Members having retired after the Fixed date. GENERAL 29. Nothing in these Rules shall prejudice the right of the Board to dispense with the services of or to dismiss any Employee; nor the right of any employee to leave the service of the Board on complying with the conditions of his employment. Any benefits, contingent or absolute, to which a member may claim to be entitled under these rules, shall not, on his dismissal, be a ground for any claim for damages or any increase in a claim for damages in any action brought against the Fund or the Board in respect of such dismissal. 30. No person, whether a member or otherwise, shall have any claim to, right against or interest in the Fund or any contributions thereto or any claim against the Committee or the Board, except under and in accordance with the provisions of these rules. 31. Unless otherwise in these Rules expressly provided: 15

16 (a) The rights, benefits or interest in the Fund (in this rule referred to as rights) conferred on any person under these rules shall not be capable of being exercised or claimed in any way by anybody other than such person, shall be purely personal to him, and shall not be capable of being ceded, assigned, transferred, pledged or hypothecated, or in any way alienated by him (other than to the Committee) or of being attached by or for any creditor or of being vested in any other person whomsoever in any capacity. (b) Such rights shall be determined absolutely and wholly forfeited for the benefit of the Fund if the person concerned is finally declared insolvent or surrenders his estate; or purports to cede, assign, transfer, pledge, hypothecate or in any way alienate all or any of his rights under these rules (other than to the Committee). (c) In the event of any person forfeiting his rights as aforesaid, the Committee may, if it so chooses, and at its absolute discretion in all respects, from time to time pay out of the Fund (and without notice thereafter cease to pay): (i) to such person such amount or amounts as the Committee may consider necessary for the support of such person and/or (ii) to the dependants of such person such amount or amounts as the Committee may consider necessary for the support of such dependants. Provided that the total payments to any such person and/or dependant under this rule shall not exceed the amount which would have been payable in respect of his rights if such had not been determined and forfeited as aforesaid. (d) Nothing In clauses (a) and (b) hereof shall apply in respect of rights the actual payment of which had already become due out of the Fund at the date of the happening of any of the events in Clause (b) of this rule set forth. (e) The date of the happening of any of the said events for the purposes of Clauses (b) and (d) hereof shall be deemed to be: (i) (ii) in the event of insolvency, the date of the acceptance of the Surrender or of the final order of judge appointing an official assignee as the case may be: in any of the other events aforesaid, the date of the instrument or other agreement. Provided that if there shall be more than one date purporting to be the dates upon which any instrument or other agreement was signed or entered 16

17 into, the date for the purposes of this rule shall be deemed to be the earliest of such dates. (f) No rights under these rules shall be or become an asset in the deceased estate of any person save as is expressly provided in these rules. 32. (a) The Committee shall have the right and is hereby empowered to deduct from any benefit payable to or in respect of any member or any person who was a member, any amount due or owing by such member or exmember to the Fund or to the Board and, in the latter event, to pay such amount over to the Board, whose receipt therefore shall Constitute a good and valid receipt and discharge for the same. (b) The provisions of (a) above are restricted to lump sum benefits other than pensions in those cases where members retire on reaching Pension Age or such other pensions in terms of Rules 22 or 26 (d). 33. Each member shall supply such evidence of the ages of his dependents and also such other information as the Committee may require from time to time. If at any time it is proved to the satisfaction of the Committee that full details of the member s health on joining the Fund, or the age of the member and of any of his dependants, have been incorrectly given, or a marriage or death has not been disclosed, then, the Committee shall have power to terminate or make such adjustments or alterations to any benefits as in its absolute discretion it thinks fit, in-consultation with the Actuary. 34. Any question that may arise with regard to a claim by a member or exmember or his dependants or legal representative shall be referred to the Committee, whose decision thereon, if not contrary to these rules, shall be final and conclusive. However if any of the parties mentioned above is dissatisfied with the decision, the Committee, shall, by agreement with such party, refer the dispute to arbitration. 35. In deciding any question of fact, the Committee may, save as is otherwise provided in these rules, act upon such evidence as it shall deem adequate, whether amounting to legal proof or not. 36. In the interpretation of the meaning of these rules, the decision and discretion of the Committee shall be final, provided that if any party is dissatisfied with the decision, the Committee shall, by agreement with such party, refer the dispute to arbitration. 17

18 37. (a) The Board may on the recommendations of the Committee make such new Rules and Regulations or alter or repeal any existing rules as it may think fit; provided that any such new rules, alterations or repeals shall not be to the general disadvantage of members and of persons in receipt of pensions, and shall be subject to the approval of the Income Tax Commissioner. (b) Notwithstanding the provisions of Clause (a) of this Rule, if, as a result of any valuation by the Actuary in terms of Rule 15, the Committee considers that the Fund does not continue to be capable of meeting the benefits provided for in these rules, the Board may, with the unanimous consent of the Committee, make such new rule or regulations or alter or repeal any existing rules which it may deem necessary in the circumstances. In the event no such agreement can be reached the Board may make such new rules or regulations or alter or repeal any existing rules provided that the benefits at the Fixed Date are at least preserved. (c) (d) (e) (f) Any proposed amendment to these rules affecting the financial basis of the Fund shall first be submitted to and reported upon by the Actuary. No amendments whatsoever may be made to these rules which have the effect of altering the main purpose of the Fund, namely, the provision of pensions for members at Pension Age, or which may result in a payment to the Board except in terms of Rule 32 hereof. Notwithstanding anything to the contrary contained in these Rules, any addition to or alteration of these rules shall be submitted to any competent authority having jurisdiction in connection with the Fund. The Committee shall either immediately upon receipt of the authority s approval, or at least once every year furnishes every member with particulars of any amendments or additions to these rules. 38. The Committee shall be empowered to do such acts and to execute such documents as may be necessary to incorporate and/or register the Fund under any legislation and if the Income Tax Authorities in Mauritius shall at any time refuse to approve the Fund or any part thereof for the purpose of enabling the Board or the members to obtain the benefit of exemption or allowance in respect of income or other tax, or if the Committee shall consider it expedient, having regard to any ruling of the aforesaid Commissioners or competent officials with regard to income or other tax, the Committee with the consent of the Board, may make such alteration in the Rules as it deems desirable to enable such approval to be obtained. 18

19 39. CHANGE OF SCHEME Notwithstanding any provision to the contrary contained in these rules, the Committee shall, if the Board decides, to establish another pension scheme for its employees, instruct the Actuary to calculate the proportionate share of its members in the Fund and then apply such members shares to acquire benefits in such scheme, or, if this is not possible, to purchase from a registered Insurance Company fully paid-up annuities on the lives of the members concerned, which annuities shall become payable as from the date the members would have reached the retirement age had the Fund, not been terminated. 40. MEMBERS ARE DEFERRED CREDITORS The members of the Fund shall be treated as deferred creditors and their claims against the Fund in their capacity as members shall not be settled until the claims of ordinary creditors have been paid. 41. ANNUAL AND EXTRAORDINARY GENERAL MEETINGS (a) The Fund shall hold an Annual General Meeting not later than three months after the accounting date. (b) The Committee may, whenever it thinks fit or whenever occasion requires, convene an extraordinary General Meeting, and it shall convene such a meeting on a requisition, in writing signed by not less than 10% (ten per centum), of the Members stating the object of the meeting. Minutes of all meetings shall be kept. (c) The Members of the Committee shall have the right to attend any General Meeting. (d) The Chairman of a General Meeting shall be the Chairman of the Committee, or, if he is not present, any other member of the Committee, or if no Member of the Committee is present, any person elected by the Meeting to act as Chairman. (e) At the meeting of members, each member shall be entitled to one vote. The vote of the majority of the member present shall be the decision of the meeting. If there is an equality of votes, the Chairman shall have a casting vote. 19

20 (f) Unless otherwise specifically provided in these Rules, a Resolution passed at a meeting of members shall be treated as a recommendation to the Committee, which shall deal with it as it may determine. (g) Every general meeting shall be convened by the Secretary by letter posted at least fifteen days before the date or the assembly, giving the date, time and place of such assembly and specifying the Agenda. (h) The quorum for a general meeting, except in cases where Special resolutions (as defined by law) are approved, shall be at least 10% of the members. 42. ACTIONS AND PROCEDURES The Fund may sue and be sued in its corporate name and service of all summons, processes, notices and all documents generally shall be valid and effectual, if made on the Secretary of the Fund. All powers to sue and defend any action and to appeal from any judgment to any court of appeal or to the Privy Council and any appeal to any other court whatsoever shall be signed by the Chairman of the Committee of Management or by the Acting Chairman after he has been duly authorised to do so by the Committee of Management. 43. WINDING UP OF THE FUND The Fund may be wound up a resolution passed by a majority of members representing at least two thirds of the total number of the members of the Fund present or represented at Special General Meeting called for the purpose. The quorum for such a meeting shall not be less than 3/5 of the total number of members of the Fund. The dissolution of the Fund shall be carried out conformably to Section 15 of Ordinance No. 28 of Notice of the dissolution of the Fund under the hand of the Secretary shall be sent forthwith to the Registrar of Associations. 20