Previous | Next
On 07/05/2016, you requested the version as published on or before 07/05/2016.
3. Section 6 of the principal Act is amended by deleting subsection (4) and substituting the following subsections:
“(4) The Board shall pay to a member of the Fund interest —
at such intervals, and on the amount standing to the credit of the member in the Fund at such time, as the Board may determine; and
at such rate per annum as the Board may from time to time declare by notification published in the Gazette, being a rate of interest which —
is not less than 2.5% per annum; and
may exceed 2.5% per annum if the Minister for Finance so approves.
(4A) For the purposes of subsection (4), the Board may declare different rates of interest for different parts of the amount standing to the credit of a member in the Fund.
(4B) The Board may, in its discretion, pay to a member of the Fund interest in addition to that referred to in subsection (4) —
at such intervals, and on the whole or such part of the amount standing to the credit of the member in the Fund at such time, as the Board may determine; and
at such rate per annum, and subject to such terms and conditions, as the Board may, with the approval of the Minister for Finance, determine.”.
No History for selected provision