Regulation 17

On the 30th June and 31st December in each year after 1st January 1955, the Income Account shall be closed and the amount standing to the credit of the Income Account on such dates shall be transferred and credited by way of interest to the contributions accounts and the donations accounts of members of the fund and the donations account of the Council in the Fund pro rata in proportion to the amounts standing at the commencement of the half-year to the credit of such accounts 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.

When any member ceases to be a member, an amount shall be transferred from the Income Account and the amount transferred shall be credited by way of interest to his account or accounts for the period from the close of the last half-year to the date of his ceasing to be a member calculated on the amount or amounts standing to his credit at the commencement of the half-year at the rate of which interest was transferred from the Income Account and credited in respect of the preceding half-year.

In arriving at the amount of each account on which interest is to be credited by way of transfer from the Income Account, any cents shall be excluded.

The amount to the transferred from the Income Account for credit as interest to the aforesaid accounts shall be the percentage which the net income for the half-year yields on the aggregate amount standing to the credit of all contributing members and the Council’s donations account but fractions less than 1/16 % shall be discarded and the portion of the net income represented by such fractions shall be carried forward to the next half-yearly account:Provided that the percentage to be credited to the accounts of members in each half-year shall not be less than 1¼% and, if necessary, the interest credited or to be credited to the Council’s donations account shall be reduced sufficiently to enable such a percentage to be credited to the accounts of members.