Perpetual Funds (Registration) Act, 1933

SCHEDULE.

Requirements of this Act as to the Rules regulating perpetual funds.

The rules of a perpetual fund shall contain a full statement of the objects for which the fund is established, and shall also make provision for all the following matters, that is to say:—

1. The appointment and removal of trustees of the fund.

2. The appointment and removal of a secretary of the fund.

3. The vesting in the trustees of the fund of all property belonging to the fund.

4. The investment in the names of the trustees of the fund of all capital moneys belonging to the fund.

5. The investments (if any) in addition to those authorised by law in which capital moneys belonging to the fund may be invested.

6. When the trustees of the fund are authorised by the rules of the fund to invest capital moneys belonging to the fund by depositing such moneys with the employer of persons employed in the undertaking or combination of undertakings in connection with which the fund is established, that such moneys shall not be so deposited unless:—

(a) the employer is a body corporate, and

(b) has paid in each of the ten years last past before the year in which such deposit is made a dividend or interest of not less than three per cent, on its ordinary stock or shares, and

(c) such deposit is secured by a charge on the whole or part of the assets of such employer.

7. The making of contributions to the fund by the employer of persons employed in the undertaking or combination of undertakings in connection with which the fund is established.

8. The contributions payable to the fund and the rates of benefits or the method of calculating benefits payable out of the fund.

9. The conditions on which persons may become and may cease to be respectively contributors to and entitled to benefits from the fund.

10. The circumstances in which the fund may be wound up and the manner in which the assets thereof are in that event to be applied.

11. The making, altering, amending and rescinding of rules.

12. The preparation of all statements of accounts, balance sheets, and reports required by this Act to be prepared or made in respect of the fund.

13. The supply on demand to every person who—

(a) is at the time of such demand entitled to any benefit from the fund, and

(b) is at the time of such demand or was previously employed in the undertaking or combination of undertakings in connection with which the fund is established,

of a copy of the rules of the fund and of all amendments thereof, and a copy of the latest statement of accounts, balance sheet, and report prepared in respect of the fund in pursuance of this Act.