Chapter:	279D	Title:	SUBSIDIZED SCHOOLS PROVIDENT FUND RULES	Gazette Number:
Rule:	14	Heading:	Payments out and pro rata of dividends	Version Date:	30/06/1997

(1) Payments due to contributors in accordance with these rules shall be certified by the secretary and by the treasurer; and cheques drawn in respect thereof, and in respect of any other disbursements from the Fund, shall be signed by the Chairman of the Board and by the treasurer or, if the Chairman is absent from Hong Kong or for other reason is unable to sign, by the Vice-Chairman and by the treasurer. (L.N. 11 of 1987)
(2) Where a contributor's account has been closed in accordance with rule 13 or 13A, and if after notice has been published in the Gazette no lawful claim is made within 3 years after the date on which the account was closed, the amount standing to the credit of the account shall be transferred to the credit of the reserve fund. (L.N. 240 of 1982; L.N. 233 of 1997)
(3) Subject to paragraph (4), the amount of any dividend, declared in accordance with rule 12, in respect of an account which was closed under rule 13 or 13A at or after the end of any financial year ("1st relevant financial year") and before the next annual general meeting of the Board, shall be paid to the person entitled to payment of the sum standing to the credit of the account. (L.N. 233 of 1997)
(4) Subject to paragraph (8), where an account to which paragraph (3) applies was opened after the last day of September of the 1st relevant financial year, then the amount of any dividend payable by virtue of paragraph (3) in respect of the account shall be reduced by an amount equivalent to the dividend divided by 365 (or 366 if that year includes a February with 29 days) and then multiplied by the total number of days of that year when that account had not been opened but excluding, if that account was opened on a day in a month of that year other than the first day of the month, the days of that month preceding the day on which that account was opened. (L.N. 233 of 1997)
(5) Subject to paragraphs (6) and (8), the provisions of rule 12, in relation to the declaration of any dividend, shall apply to an account ("relevant account") closed under rule 13 or 13A on a date ("1st date") in a financial year ("2nd relevant financial year) other than 31 August of that year ("2nd date") as if the account, with the amount standing to its credit on the 1st date, had been so closed on the 2nd date and, accordingly, the amount of any such dividend in respect of the account shall be paid to the person entitled to payment of the sum standing to the credit of the account. (L.N. 233 of 1997)
(6) The amount of a dividend to which paragraph (5) applies shall be reduced by an amount equivalent to the dividend divided by 365 (or 366 if the 2nd relevant financial year includes a February with 29 days) and then multiplied by the total number of days of the 2nd relevant financial year when the relevant account had either not been opened or was closed but excluding-

(a) the 1st date; and
(b) if that account was opened on a day in a month of that year other than the first day of the month, the days of that month preceding the day on which that account was opened. (L.N. 233 of 1997)

(a) has not been closed under rule 13 or 13A; but
(b) was opened after the last day of September of a financial year,

(a) where a contributor's account has been closed under rule 13 or 13A, no dividend shall be carried thereto under rule 12 except in accordance with the provisions of this rule;
(b) the period beginning the day next following the 1st date and ending the 2nd date shall not be taken into account as continuous contributory service of that contributor for any purpose;
(c) the period for calculating under these rules the amount of any dividend, declared in accordance with rule 12, in respect of an account which was closed under rule 13 or 13A shall include the date on which the account was closed. (L.N. 233 of 1997)