Regulation 16

All amounts received by way of interest on investments made from the moneys belonging to the Fund shall be carried to an Income Account.

All amounts received by way of rents from the properties owned by or mortgaged to the Fund shall be carried to the Income Account, but there shall be deducted therefrom any payments made in respect of rates, insurance, repairs and any other expenses or outgoings made for the purpose of maintaining the properties in a rent earning condition, including any commission paid to a receiver appointed by the Committee as mortgagee of any property.

Upon the purchase of any investment a proportion of the purchase price equivalent to the interest or dividend payable in respect thereof for the period elapsed since the end of the last period in respect of which the interest or dividend thereon has been paid shall be debited to the Income Account.

Upon the realisation of any investment a proportion of the proceeds shall be deducted equivalent to the interest or dividend payable in respect thereof for the period elapsed since the end of the last period in respect of which the interest or dividend thereon has been received and the amount deducted shall be credited to the Income Account. So much of the remaining proceeds as do not exceed the value of the investments as shown in the accounts shall be treated as capital belonging to the Fund. If the remaining proceeds exceed the value of the investment, the surplus shall be credited to a Reserve Account. If the remaining proceeds are less than the value of the investment, the deficiency shall be made good by transfer from the Reserve Account.

Any deficiency on the Fund which may from time to time arise shall be made good out of the amount standing to the credit of the Reserve Account and should that amount be insufficient then the balance of the deficiency shall be borne by the Government, the Housing and Development Board and the Public Utilities Board in proportion to the number of persons who are members of the Fund and in the employment or service of the Government, the Housing and Development Board or the Public Utilities Board, as the case may be, as on the 1st January of each year.