Superannuation and other Trust Funds (Validation) Act 1927

Section 2.

SCHEDULE E+W+S Requirements as to Rules of Registered Funds

The rules of a fund qualified for registration under this Act must make provision for the following matters, that is to say:—

1. The whole of the objects for which the fund is established:

2. The appointment and removal of trustees and of a secretary:

3. The vesting in the trustees of all property belonging to the fund:

4. The investment in the names of the trustees of all capital moneys belonging to the fund and for authorising the investments, if any in addition to those authorised by law, in which the trustees may invest such moneys; so, however, that the rules of a fund may provide for the deposit of such moneys with a bank, and may also provide for their deposit with the employers of persons employed in the undertaking or combination of undertakings in connection with which the fund is established in the following cases, that is to say—

(a) where the rules so provided before the ninth day of November, nineteen hundred and twenty-seven;

(b) where the deposit of such moneys is authorised subject to the conditions that every employer with whom such moneys are deposited must be a body corporate having during each of the ten years last past before the date of any deposit paid a dividend or interest at a rate of not less than three per cent. on its ordinary shares, and that every such deposit must be secured by a charge on the whole or part of the assets of the undertaking carried on by such employer.

5. The making of contributions to the fund by the employers of persons employed in the undertaking or combination of undertakings in connection with which the fund is established:

6. The contributions payable to the fund, and the rates of benefit payable thereout or the method of calculating the benefits so payable:

7. The conditions on which persons may become and may cease to be respectively, contributors to and entitled to benefits from, the fund:

8. The circumstances in which the fund may be wound up and the manner in which the assets thereof are in that event to be applied:

9. The method by which the rules may be amended:

10. The preparation of all statements of accounts, balance sheets and reports required by this Act to be prepared:

11. The supply on demand to every person having any rights in the fund, being a person who is or has been employed in the undertaking or combination of undertakings in connection with which the fund is established, of a copy of the rules of the fund and of all amendments thereof, and of the latest statement of accounts, balance sheet and report prepared in accordance with the requirements of this Act.