Provident Fund Rules

by obedodai (student)

University Degree Business and Administrative studies

HOLIDAY INN PERSONAL INVESTMENT FUND

RULES

These Rules are made:

Pursuant to the Trust Deed establishing the Holiday Inn Personal Investment Fund and shall be deemed to be in operation from 1st November 2012.

TERMS

“Accrued Benefits” in relation to member accounts shall mean the amount of each member’s beneficial interest in the Scheme at anytime, including sums derived from contributions made by or in respect of that member, together with the income or earnings arising from any investments thereof, but taking into account any losses in respect thereof.
“Beneficiaries” shall mean the dependant or next of kin of a Member.
“Company” shall mean Holiday Inn Accra Airport
“Fund Manager” shall mean an individual or body to which the investment of the whole or part of the assets is delegated by the Trustees in accordance with the provisions of the Scheme’s Rules and Regulations.
“Scheme” shall mean the Holiday Inn Personal Investment Fund.
“Member” shall mean one who voluntarily joins the scheme and abides by all the governing rules.
“Retirement” shall mean the attainment of the statutory retirement age or, on voluntary retirement.
“Regulations” or “Rules” shall mean the rules and regulations herein contained.
“Salary” shall mean the consolidated monthly salary.
“Trustees” or “Board of Trustees” shall mean the Trustees for the time being of the Scheme.

The masculine gender shall include the feminine, unless the context otherwise requires or admits.

OBJECTIVES OF THE SCHEME

The objective of the Scheme is as follows:

To provide investment options on a rolling 5 year basis for Members.
To provide cash benefit for Members from time to time as agreed on a regular basis to meet the welfare needs of Members.

ESTABLISHMENT OF THE TRUST

There shall be established a Trust subject to the Rules herein contained, which trust shall be irrevocable save with the consent of a majority of all the Beneficiaries and no monies belonging to the Scheme in the hands of the Trustees shall be recoverable by the Company and any nature or description on the same as herewith provided save as provided under these rules.

APPOINTMENT OF BOARD OF TRUSTEES

There shall be appointed a Board of Trustees of not less than three (3) persons.

The membership of the Board of Trustees shall be open to all Members and comprise of the following:

Chairman – nominated
Secretary – nominated
Member – nominated

Each Member of the Board of Trustees shall be by nomination and secondment from two-thirds of Members present at an annual general meeting.

Each Member shall hold office for two years and shall be eligible for re-appointment..

Provided that ...

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APPOINTMENT OF BOARD OF TRUSTEES

There shall be appointed a Board of Trustees of not less than three (3) persons.

The membership of the Board of Trustees shall be open to all Members and comprise of the following:

Chairman – nominated
Secretary – nominated
Member – nominated

Each Member of the Board of Trustees shall be by nomination and secondment from two-thirds of Members present at an annual general meeting.

Each Member shall hold office for two years and shall be eligible for re-appointment..

Provided that no person shall be appointed a Trustee unless he shall prior to such appointment, has consented in writing to be appointed.

In the event that a Trustee or Trustees shall die, resign or become incapable of acting, or leaves the Scheme permanently, a new Trustee or new Trustees shall be nominated. Any vacancy among the Trustees shall be filled within 20 working days.

BOARD OF TRUSTEES

The Chairman, and in the absence of the Chairman, the Secretary shall act as the Chairman of the meeting. Each Trustee shall have one vote, except that in the event of a tied vote, the Chairman shall have the casting vote.

MEETINGS

Meetings of the board of trustees:

Board Meetings shall be held at least twice every year.
Not less than 5 day’s written notice shall be given by the Secretary to members of the Board for every meeting.
Two members shall constitute a quorum for all meetings.

TERMS OF REFERENCE

The Trustees shall administer the Scheme upon trust to apply the same for the benefit of the Members of the Scheme and otherwise as provided by the Rules.

The Board of Trustees shall ensure that the assets of the Scheme are separate from the assets of the Company and that all assets of the Scheme are held in the name of the Scheme and not the Company.

The Board of Trustees shall have absolute control of the Scheme and have responsibility for the management of the Scheme and its assets adhering to the objects of the Scheme.

The Trustees shall have the power to employ any person or persons (including any one or more of their Members) to do any secretarial, legal, accounting or any other work which they may consider necessary or expedient in connection with the management of the Scheme or the assets thereof and all expenses so incurred in the Management of the Scheme subject to section 15 shall be borne by the Scheme.

The Trustees shall ensure that the requisite contributions are deducted and paid to the Fund Manager. All monies to the credit of the Scheme shall be dealt with only in accordance with these Rules.

All correspondence in relation to the Scheme shall bear the name and signature of two Trustees of whom one shall be the Chairman or the Secretary.

The Trustees shall appoint a Fund Manager to invest and manage the assets of the Fund. The investments made by the Fund Manager shall be in accordance with Section 9.

No Trustee shall be chargeable otherwise than in respect of money and securities actually received by him/her notwithstanding his/her signature to any receipt for the sake of conformity and he shall be answerable and accountable only for his/her own acts, receipts, neglect, or defaults and not for those of any other Trustee nor of any Banker, Broker or any other person with whom any of the assets of the Scheme or the investments representing the same may be deposited or upon whom advice or opinion of the Trustees may act nor shall he be answerable for the insufficiency or deficiency of any securities nor any other loss however arising except that such as happens through his/her own willful defaults.

INVESTMENTS OF THE SCHEME

The Trustees shall cause to be prepared and maintained in respect of the Scheme an Investment Policy Statement.
The Fund Manager shall invest contributions received from Members and any other funds of the Scheme in accordance with the Investment Policy Statement.

AMENDMENT TO GOVERNING RULES

The Trustees shall have power, subject to the approval by Members of the Scheme, to make, vary, revoke or alter any part or parts of these rules, provided that such making, revocation, variation or alteration shall not permit the Trustee to pay to the Company monies held by them otherwise than as prescribed by the Rules.

TERMINATION OF THE TRUST / WINDING-UP

The Trustees may pursuant to a resolution passed by not less than two-thirds (2/3) of their number, terminate or suspend the operation of the Scheme if they shall consider it advisable or necessary to do so, provided the prior consent in writing of the Company has been obtained and upon giving three months’ notice in writing to Members of the Scheme, indicating their intention to terminate the Scheme.

MEMBERSHIP

Membership of the Scheme shall be available to:

Any Employee on the date these rules and regulations come into operation.
Any Employee who becomes a Member shall remain a Member even after he ceases to be an Employee and must abide by all the rules of the Scheme.
An Employee shall be required to complete a membership form in order to become a Member.

CONTRIBUTIONS

Member’s Contribution: Every Member shall contribute a voluntary amount to the Scheme on a regular basis and or as and when basis.
Contributions made by or for a Member shall vest in the Member as accrued benefits except where a Member ceases to be a Member and conditions in these Rules shall apply.

ACCOUNTING AND OTHER RECORDS

Separate Accounts shall be opened for each Member in the books of the Scheme by the Trustees for contributions made by each Member.

MEMBERS STATEMENT OF ACCOUNTS

Each Member shall receive half yearly, a statement showing the position of his account in the Scheme.
A Member shall be deemed to have accepted his statement of account as correct unless he notifies the Trustees in writing of his objection to the statement within one month of receipt of the statement.

INCOME ON CONTRIBUTIONS

Interest or other revenue earned or accrued by the Scheme after deducting fees and expenses of the Scheme shall be credited to the respective accounts of Members in proportion to the amount standing to the credit of their respective accounts.

EXPENSES OF THE SCHEME

Fees and expenses of the Scheme shall be borne by the Scheme.

BENEFITS

Death Benefit – entitlement to Members as a result of death shall be as follows:

A Member who passes away shall have paid to his nominated beneficiary (ies) his total accrued benefits.

Where the beneficiary is a minor, on the death of a Member nominating him, a receipt issued by the minor's parent or legal guardian for the benefits paid to him on behalf of such minor shall constitute a good discharge.

On the death of a Member not survived by a beneficiary, the Trustees shall pay his benefits to his/her Executor or Administrator who presents Probate or Letters of Administration relating to the Member’s estate.

Benefits on Leaving the Company: In the event of severance by the Company of the employment relationship with a Member, or in the event of liquidation of the Company, the contributions and benefits shall continue to vest in the Member

INDEBTEDNESS

The Company shall have no lien on the Benefits of a Member

DISPUTE RESOLUTION

The Board of Trustees shall decide on all differences and/or any disputes which may arise under these Rules either as to their interpretation or as to the rights and/or obligations, of the Company and/or of the Members, and any such decision of the Board of Trustees as recorded in their minutes book shall be final and binding on all parties concerned.

DATE:1st NOVEMBER 2012…………

…BRUCE POTTER……………… …………………………… ……….………………

Chairman SIGN DATE

…OBED ODAI…………………… ………………………… ……….………………

(Secretary) SIGN DATE

…MARK YANNEY………………… …………………………… ……….………………

Member SIGN DATE