PART IV
PURCHASE OF SHARES IN APPROVED CORPORATION
30. .—(1) A member who wishes to withdraw the whole or part of the available amount in his ordinary account for the payment in full of shares in an approved corporation shall submit an application to the Board for authorisation to do so.
(2) An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.
(3) Where a cash grant has been paid into the Fund by the Government for the benefit of any person under section 14 of the Act, the Board may, subject to such terms and conditions as it may impose, permit that person to withdraw the cash grant for the payment in full or in part of the shares in an approved corporation.
31.
—(1) Where a member sells his shares in an approved corporation, the Board shall credit to the Share Profit Account of the member the whole proceeds of the sale less —
(a)
the weighted average cost of the shares;
(b)
the total interest that would have accrued in the member’s ordinary account had he not withdrawn the total amount for the shares under these Regulations; and
(c)
any expenses incurred as a result of the sale of the shares.
(2) All dividends declared or interest earned in respect of shares in an approved corporation purchased by a member under these Regulations shall be credited to the member’s Share Profit Account.
(3) Moneys in the Share Profit Account shall bear interest at such rate as may be determined from time to time by the Board.
32.
—(1) Where a member has sold his shares in an approved corporation and the proceeds of such sale have been credited to his Share Profit Account under regulation 31, the Board may, upon the application of the member or upon the death of the member, transfer the proceeds of such sale from his Share Profit Account to his ordinary account.
(2) Where the proceeds of the sale of a member’s shares in an approved corporation have been transferred from the member’s Share Profit Account to his ordinary account under paragraph (1) —
(a)
the member shall be deemed to have withdrawn those proceeds from his Share Profit Account; and
(b)
those proceeds shall not thereafter be transferred from the member’s ordinary account to his Share Profit Account.