Public Utilities Board (Provident Fund) (Winding-Up) Rules

Public Utilities Act

(CHAPTER 261, Section 31)

Public Utilities Board (Provident Fund) (Winding-up) Rules

R 4

G.N. No. S 119/1976

REVISED EDITION 1990

(25th March 1992)

[1st April 1976]

Citation

1. These Rules may be cited as the Public Utilities Board (Provident Fund) (Winding-Up) Rules.

Definitions

2. In these Rules —

“Committee” means the Committee of Management constituted under rule 36 of the 1969 Rules;

“Fund” means the Public Utilities Board Provident Fund established under rule 3 of the 1969 Rules;

“member” means a member of the Fund;

“winding-up period” means the period from 1st April 1976 to the date of the dissolution of the Fund;

“1969 Rules” means the Public Utilities Board (Provident Fund) Rules [R 1].

Date of winding-up of Fund

3. The Fund shall be wound up with effect from 1st April 1976 by the Committee in accordance with these Rules.

Board to cease to make donations

4. As from 1st April 1976 the Board shall cease to make donations to the Fund in accordance with rule 9 of the 1969 Rules.

Duties of Committee

5. The Committee shall proceed to realise the assets of the Fund and distribute the moneys in the Fund in accordance with these Rules.

Disposition of amounts standing to credit of members

6.—(1) The amounts standing to the credit of a member in his Contributions Account and Donations Account as at 31st March 1976 together with interest accrued thereon for the period from 1st January 1976 to 31st March 1976 calculated in accordance with rule 14(4) of the 1969 Rules, shall, subject to paragraph (2), be paid to him on a date or dates to be appointed by the Committee.

(2) Where a member has not attained the age of 55 years on the date on which an amount is payable to him, that amount shall not be paid to him but shall at his option —

(a)

be transferred —

(i)	to his account with the Central Provident Fund; or
(ii)	if he is not a member of the Central Provident Fund, to an account with the Post Office Savings Bank of Singapore which shall be subject to the condition that any withdrawal can only be made upon his attaining the age of 55 years or upon his prior death or with the approval of the Board; or

(b)

be converted into a paid-up life assurance policy maturing upon his attaining the age of 55 years or upon his prior death which policy shall be subject to a condition that the policy shall not be surrendered or assigned at any time until its maturity.

(3) If during the winding-up period, a member ceases to be in the employment of the Board either on attaining the age of 55 years or in the event of death, there shall be paid, as soon as possible after his last day of service, to him or his nominee or legal personal representative, as the case may be, his accumulated contributions and donations as at 31st March 1976 together with interest accrued thereon for the period from 1st January 1976 to 31st March 1976 calculated in accordance with rule 14(4) of the 1969 Rules.

Surplus moneys

7.—(1) Subject to paragraph (2), any surplus moneys in the Fund after the amounts due to the members under rule 6 have been paid or otherwise dealt with shall be paid to each member in such proportion as the total amount standing to the credit of the Donations Account of that member on 31st March 1976 bears to the total amount standing to the credit of the Donations Account of all the members on the same date.

(2) Where a member has not attained the age of 55 years on the date on which an amount is payable to him under paragraph (1), rule 6(2) shall have effect in relation to that amount.

Date of dissolution of Fund

8. When all the assets of the Fund have been realised and distributed to the members in accordance with these Rules, the Committee may by resolution in writing appoint a date¹ for the dissolution of the Fund and the Fund shall accordingly be dissolved on that date.

¹The Committee appointed 8th August 1977 for the dissolution of the Fund.

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