NATIONAL PROVIDENT FUND.

Dominion, Volume 4, Issue 1030, 20 January 1911, Page 5

NATIONAL PROVIDENT FUND.

HOW THE ACT WILL OPERATE. The regulations tinder the National Provident Fund Act of 1910 were gazetted last evening as follows:— The meetings of tho National Provident l'und Board shall be held in Wellin"ton. . . Ordinary meetings shall'bo held quarterly on the third Thursday in February, May, August, and November. Special meetings may be licld at such times as. the Minister determines. ■ At all meetings the chairman shall have a deliberative as well as a casting vote. The board shall keep a correct record of all business, transacted at its meetings.

The secretary of the board shall send to every member of tho board notice of its meetings at least seven days prior to the holding of it, and in 'the case, of special meetings three days' notice. 1 The Superintendent of the Fund shall refer to tho board at each quarterly meeting such matters as are required "by the Act to bo decided by the board. '

The superintendent shall otherwise administer the fund, and have control of the staff and keep proper accounts of the moneys of tho fund;

On payment of the first contribution (tho aforesaid application having been duly completed) there shall bo issued to' the contributor a receipt-book, in which his contributions shall be entered and initialled for.

• Where it is desired that on employer or other responsible person should make tho payments 011 behalf of a body of qualified persons to the number of five or more employed at any'one place of employment, the superintendent, on application to that effect, may- arrange for the receipt of the contributions in a lump sum either at the Head Office or at a postal money-order office,'in which case a single receipt shall be issued to the payer, and notices shall be sent at stated intervals to each employee advising him of the date up to which his contributions are credited.

Claims for a widow's or child's allowance on the death of a contributor must be supported by the following documents: —"Dedth certificate of contributor, marriagq certificate, and birth certificate i.f children, together' with satisfactory evidence of identity of the deceased. Satisfactory evidence of tlio identity and survival of the widow and children shall be supplied from time to time as required by the superintendent.

Contributions to the fund may bo paid at any postal money-order office, and payments out of the fund may be made through the same agency. Accounts of all such moneys received or paid by postmasters shall be rendered periodically by tho General Post Office to the superintendent.

The Public Trustee shall from time to time, as securities offer, invest the moneys of the fund on freehold securities at current rates of interest. Such portions of the fund as shall not lie sn invested shall bear the "Common Fund" rata of interest, as defined in tlio Public Trust Office Regulations.

Til order lo provide for the pavment of benefits out of the fund, the Public Trustee will pay over such sums from time to time as required.