Section 2: Establishment, etc. of the fund

(1) The President may make regulations for the establishment, maintenance and management of a provident fund for nonpensionable servants in the service of local governments generally in relation to such a provident fund and, in particular, but without prejudice to the generality of the foregoing provisions, may make regulations with respect to any of the following matters- (a) the establishment and management of the fund; (b) the establishment, duties and functions of the Board of Management; (c) the qualifications and descriptions of depositors; (d) the amount which contributing governments shall pay into the fund by way of bonus and the manner in which the bonus shall be paid; (e) the rate at which interest on deposits and bonus shall be paid into the fund by contributing governments and credited to depositors and the manner of calculating the interest and bonus; (f) the amounts which depositors shall be required to pay into the fund; (g) the payment into the fund of increased contributions by both contributing governments and depositors in respect of service prior to the establishment of the fund; (h) prescribing the manner in which accounts of depositors shall be opened and closed and providing for notification to individual depositors of the amounts standing to their credit in the fund; (i) the procedure to be followed with regard to the disposal of amounts standing to the credit of depositors in the event of their death, termination of service, resignation or dismissal or transfer to pensionable posts; (j) providing for the disposal of amounts standing to the credit of depositors who have failed to claim the amounts within a prescribed period; (k) the payment of deposits in respect of previous service and of bonus on the deposits as if the deposits were deposits required to be made by the regulations; (l) enabling depositors transferred to pensionable posts to elect with regard to payments of deposits, bonus or interest or any part thereof and the length of service to count for pension. (2) The regulations in the Schedule to this Act shall be deemed to have been made under the powers conferred by subsection (1).