Clause 3

by deleting the word “The” in subsection (4) and substituting the words “Subject to subsections (4C) to (4I), the”; and

by inserting, immediately after subsection (4B), the following subsections:“(4C) Where a member of the Fund died before 1st January 2004, the Board may cease to pay interest on any amount standing to the credit of the deceased member in the Fund —

in any case where that amount is transferred to the general moneys of the Fund on or before 31st December 2010, after 31st December 2010;

in any case where that amount is transferred to the general moneys of the Fund after 31st December 2010, with effect from the date of the transfer; or

in any case where that amount has not been transferred to the general moneys of the Fund, after the later of the following dates:

31st December 2010; or

the date on which the Board is notified, in such manner as may be prescribed in any regulations made under section 77(1), of the member’s death.(4D) Where a member of the Fund dies on or after 1st January 2004, the Board may cease to pay interest on any amount standing to the credit of the deceased member in the Fund —

in any case where that amount is transferred to the general moneys of the Fund on or before the 7th anniversary of the day of the member’s death, after the 7th anniversary of the day of the member’s death;

in any case where that amount is transferred to the general moneys of the Fund after the 7th anniversary of the day of the member’s death, with effect from the date of the transfer; or

in any case where that amount has not been transferred to the general moneys of the Fund, after the later of the following dates:

the 7th anniversary of the day of the member’s death; or

the date on which the Board is notified, in such manner as may be prescribed in any regulations made under section 77(1), of the member’s death.(4E) Subject to subsections (4C) and (4D), the Board may suspend the payment of interest on any amount standing to the credit of a member in the Fund after that amount is transferred to the general moneys of the Fund.(4F) Where any shares belonging to a deceased member that are vested in the Board under section 26(1) or 26A(1) are sold by the Board, the Board shall not pay any interest on any proceeds of the sale of those shares that are paid into the general moneys of the Fund under section 26(4D) or 26A(9), as the case may be, notwithstanding that those proceeds constitute an amount standing to the credit of the deceased member in the Fund.(4G) Where any shares belonging to a member that are vested in the Board under section 26B(1) are sold by the Board, the Board shall suspend the payment of interest on any proceeds of the sale of those shares that are paid into the general moneys of the Fund under section 26B(3)(b), notwithstanding that those proceeds constitute an amount standing to the credit of the member in the Fund.(4H) Where any shares belonging to a member are vested in the Board under section 26B(1), the Board shall suspend the payment of interest on any dividends, returned paid-up share capital or other moneys in respect of those shares that are paid into the general moneys of the Fund under section 26B(5), notwithstanding that the dividends, capital or other moneys constitute amounts standing to the credit of the member in the Fund.(4I) Where the Board has paid any dividends, returned paid-up share capital or other moneys in respect of any shares belonging to a deceased member into the general moneys of the Fund under section 26D(1), the Board shall not pay any interest on the dividends, capital or other moneys notwithstanding that the dividends, capital or other moneys constitute amounts standing to the credit of the deceased member in the Fund.”.