—(1) At the end of each year the Income Account shall be closed and the amount standing to the credit of the Income Account on such date shall be transferred and credited by way of interest to the Contributions Account and the Donations Account of the members of the Fund, and to the Reserve Account, in proportion to the amounts actually standing to the credit of such accounts as on 1st January next preceding and the amount transferred from the Income Account shall thereupon be added to and become part of the principal standing to the credit of such accounts.
(2) The amount to be transferred from the Income Account for the credit of the aforesaid accounts shall be the percentage which the net income for the year yields on the aggregate amount standing to the credit of the Contributions Account and the Donations Account of all members, and the Reserve Account, as on 1st January next preceding, but fractions of less than % shall be discarded and the portion of the next income represented by such fraction shall be carried forward to the next yearly account:
Provided that the percentage to be credited to the accounts of members in each year shall not be less than 2½%:
And provided that the Committee may subject to the approval of the Minister for Finance decide on the percentage of interest if the percentage to be paid to members exceeds 2½% per annum.
(3) In the event of the amount transferred from the Income Account for the credit of the aforesaid accounts being insufficient to pay the required minimum interest of 2½% the deficiency shall be borne by the Board.
(4) When any member ceases to be a member of the Fund there shall be transferred from the Income Account to the account of the member an amount in respect of interest which shall be calculated from the date of the last closing of the Account to the date of his ceasing to be a member on the amount standing to his credit at the commencement of the year at the rate at which interest was transferred from the Income Account to the account of the member in the preceding year.