Home Affairs Uniformed Services (INVEST Fund) Regulations

Where the Board is satisfied that any excess amount has been credited in error to any subsidiary account of any member of the INVEST Plan or the Scheme, as the case may be, the Board may rectify the error by deducting the excess from the subsidiary account concerned.

Where an error in any subsidiary account of a member of the INVEST Plan or the Scheme, as the case may be is rectified under paragraph (1), the member concerned may, within 14 days after receiving a statement under regulation 20 showing the rectification error, appeal to the Minister against the rectification, and the decision of the Minister shall be final.

In paragraph (2), “Minister” —

There shall be a Board of Trustees consisting of —

The Minister may appoint a Deputy Chairman from among the trustees in paragraph (1)(c) to (i).

The trustees may be paid such allowances as may be determined by the Minister.

For the purpose of exercising its functions under the Act and these Regulations, the Board shall meet on such date and at such place and time as the Chairman may determine.

At a meeting of the Board regarding a matter, the following trustee presides for the matter:

A trustee referred to in paragraph (2)(b) or (c) may exercise all the powers and functions of the Chairman for the purposes of that meeting.

Subject to these Regulations, all matters arising at any meeting of the Board shall be determined by a simple majority of the trustees and a determination by a simple majority of the trustees shall, for all purposes, be a determination of the Board.

Subject to these Regulations, matters arising at a meeting of the Board may be determined by a simple majority of votes and, in the event of an equality of votes, the trustee presiding shall have a casting vote in addition to his original vote.

The Board may, if it thinks fit, transact its business by the circulation of papers, and a resolution in writing, signed by at least 4 trustees who are for the time being entitled to take part in the determination in respect thereof, shall be valid and effectual as if it had been passed at a meeting of the Board duly convened and held.

Any such resolution may consist of several documents in like form, each signed by one or more trustees.

Where a decision of the Board at a meeting regarding a matter is not presided by the Chairman for a reason other than he being interested in the matter, the decision is not effective unless the Chairman consents in writing to that decision.

If any trustee has a pecuniary interest, direct or indirect, in any matter which is before any meeting of the Board, he shall at that meeting declare the nature of his interest and shall not take part in the consideration or discussion of that matter, or vote on any question with respect to that matter, and if the trustee presiding so directs, that trustee shall withdraw from the meeting during such consideration or discussion.

Notwithstanding paragraph (1), for the purpose of determining whether there is a quorum, a trustee shall be treated as being present at a meeting notwithstanding that, under that paragraph, he cannot vote or has withdrawn from the meeting.

No trustee shall be deemed to have any pecuniary interest in any matter which was or is before any meeting of the Board under paragraph (1) by reason only that the trustee was or is at the time of the meeting a member of the INVEST Plan or the Scheme.

The Board may appoint any person to be the secretary of the Board for such period as the Board may determine.

The Board may be assisted by such public officers as are in the opinion of the Board necessary for the purpose of carrying out its functions under the Act and these Regulations.

There shall be maintained by the Board in respect of the INVEST Fund the following accounts:

In paragraph (1)(g)(i) —

The Board shall also maintain the following subsidiary accounts within the Contribution Account in respect of each member of the INVEST Plan and the Scheme:

The Board shall credit to the subsidiary accounts of members of the INVEST Plan or the Scheme, as the case may be —

The Board may, during or after each financial year, declare one or more dividends out of the net income and net unrealised profits of the Fund for that financial year or credit interest at such rate as the Board shall determine for that financial year to any of the subsidiary accounts of each member of the INVEST Plan or the Scheme, as the case may be.

The income from the investment of moneys in the INVEST Fund shall be paid into an account to be called the Income Account.

There shall be charged on the Income Account —

The Board may transfer any moneys in the Income Account to the Post-Retirement Medical Account or the Provisional Account as the Board thinks fit, to meet —

Notwithstanding paragraph (2), the Board may, in relation to such exceptional expenses arising from the administration, investment or management of moneys in the Fund as it may determine ––

The moneys of the INVEST Fund may be invested in accordance with section 15 of the Act.

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

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

Upon the realisation of any investment, so much of the net proceeds as are equal to the book value of the investment as shown in the accounts shall be treated as capital moneys of the INVEST Fund, and the remaining net proceeds shall be credited to the Income Account.

The auditor shall in his report state —

The auditor may at any other time report to the Minister upon any matter arising out of the performance of his audit.

The auditor is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Board.

The auditor may make copies of or take extracts from any such accounting or other records.

The auditor may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under the Act and these Regulations.

Any person who fails, without reasonable cause, to comply with any requirement of the auditor referred to under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.

The Board shall, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister a report dealing generally with the activities of the Board during the preceding financial year and containing such information relating to the proceedings and policy of the Board as the Minister may, from time to time, direct.

The Minister shall as soon as practicable cause a copy of every such report to be presented to Parliament.