PUNJAB SEED CORPORATION
CONTIBUTORY PROVIDENT FUND REGULATIONS
In exercise of the
power conferred by Section (25) of the Punjab Seed Corporation Act1976 (Punjab
Act No.X of 1976) and in supersession of Regulation No.16 of Punjab Seed
Corporation Service Regulations, the Board of Members of Punjab Seed
Corporation is pleased to make the following Contributory Provident Fund
Regulation namely the PUNJAB SEED CORPORATION CONTRIBUTORY PROVIDENT FUND
REGULATIONS.
1. These Regulations may be called the
Punjab Seed Corporation Contributory Provident Fund Regulations, 1980.
1.1 These Regulations shall come into force with
immediate effect.
2.
Definitions:-
In these Regulations unless the context otherwise requires the following
expression shall have meaning hereby respectively assigned to them that is to
any:
a)
Board means the Board of Members of Punjab Seed
Corporation constituted under Section (4) of the Punjab Seed Corporation
Act-1976.
b)
Corporation means the Punjab Seed Corporation.
c)
Fund means the Punjab Seed Corporation Employees
Contributory Provident Fund.
d)
Regulations means the Punjab Seed Corporation
Contributory Provident Fund Regulations.
e)
Managing Director means the Managing Director of the
Corporation and includes any person discharging the duties of the Managing
Director for the time being.
f)
Trustees means the Board of Trustees of the Fund and
shall include the Trustee or the Trustees of the Fund for the time being.
g)
Employee means a person who is employed in connection
with the affairs and work of the Corporation and is on pay roll of the
Corporation except those employed on contract or on daily wages basis or those
who have been employed after retirement or those who subscribe to any other
provident fund provided that the Managing Director may in its discretion admit
any such excepted person to be subscriber to the fund for special reason to be
recorded.
h)
Subscriber means an employee who subscribes to the
Fund.
i)
Continuous Service means uninterrupted service in the
employment of the Corporation and includes service which is interrupted by
sickness, accident, authorized leave, or cessation of work not due to the
employee’s fault.
j)
Pay means basic pay received by an employee from the
Corporation, but it does not include any special pay or any allowance
whatsoever.
k)
Leave means any variety of leave recognized by the
Punjab Seed Corporation Service Regulations.
l)
Children means legitimate children of the subscriber.
m)
Family means:-
i)
In the case of a male subscriber the wife or wives and
children of the subscriber and the widow or widows and children of a deceased
son of the subscriber, provided that if a subscriber proves that his wife has
been judicially separated from him or has ceased under the applicable law to be
entitled to maintenance, she shall thenceforth, be deemed to be no long member
of the subscriber’s family in matters to which these Regulations relate unless
the subscriber subsequently indicates by express notification in writing to the
Trustees that she shall continue to be so regarded.
ii)
In the case of a female subscriber the husband and
children of the subscriber and widow or widows and children of the deceased son
of the subscriber provided that if a subscriber by notification in writing to
the Trustees express her desire to exclude her husband from her family the
husband shall thenceforth be deemed to be no longer a member of the
subscriber’s family in
matters to which
these Regulations relates unless the subscriber subsequently cancels formally
in writing her notification excluding him.
n)
Dependent means any of the following relatives of a
deceased subscriber namely wife/husband/parents/children/minor
brothers/un-married sisters/diseased son’s widow and children.
o)
Year mean financial year.
p)
Words of the masculine gender shall unless a contrary
intention appears be taken to include the feminine and vice versa.
q)
Words of the plural number shall unless a contrary
intention appears be taken to include the singular and vice versa.
3.
These Regulations shall apply to all employees of
the Punjab Seed Corporation as defined in 2(g).
4.
Every employee of the Punjab Seed Corporation to
whom these Regulations apply shall be a subscriber to the fund.
5.
(5.1) There shall be constituted and established a
fund for the benefits of the employees of the Punjab Seed Corporation and the
Fund shall be governed by these Regulations.
(5.2) These
Regulations shall be interpreted by the Trustees whose interpretation thereof
shall be final and binding upon the parties hereto and all subscribers.
6.
The fund shall consist of subscription and
contribution which are to be made to the fund.
(6.1)
Subscription by the employees as well as contribution by the Corporation shall
be at the rate of 10% of the pay of the employees.
7.
Trustees and
management of the fund:- The Fund and the properties and securities
belonging to and forming part of the Fund shall be vetted in a Board of five
trustees. The Managing Director shall be the chairman of the Board of Trustees.
The Board of trustees shall consist of:
i) Managing
Director of the Corporation ii) Director
Finance of the Corporation iii) Secretary
of the Corporation
iv)
One subscriber representing the officers of the
Corporation to be nominated by the Managing Director.
v)
One subscriber representing the subordinate staff of
the Corporation to be nominated by the Managing Director
8.
The Managing Director may at any time remove the
trustees nominated by the under clause IV & V of Regulation No.7.
9.
Quorum required for transacting business at meeting
of trustees shall be three provided that for a meeting of trustees one of three
members constituting the quorum shall be Director Finance or Secretary of the
Corporation.
10.
The trustees may from time to time appoint one of
themselves or any of the officers of the Corporation to be the Secretary of the
Fund who may receive all notices, documents and other correspondence that may
be given to the Trustees and may sign all correspondence on behalf of the Fund
and exercise such power and authority as may be conferred on him by the
Trustees.
11.
Every Trustee shall be indemnified out of the Fund
in respect of any loss arising from the contingent upon any investments made of
any of the moneys of the Fund unless such loss shall have been accessioned
directly by his own fraud of willful neglect. Every Trustee shall also be
indemnified out of the Fund against all proceedings, suits, claims, costs,
damages and expenses accessioned by any claim in connection with the fund not
arising out of his own fraud or willful neglect.
12.
A trustee shall be entitled only to such
remuneration as the Managing Director may in its absolute discretion from time
to time fix but such remuneration shall be paid by the Corporation and not out
of the Fund provided however the out of pocket expenditure shall be borne by
the Fund.
13.
The trustees for the time being shall have complete
control over the management of the Fund and the properties and securities
belonging to or forming part of the Fund shall be vested with all power,
authority and discretions necessary or expedient for the purpose in addition to
any express power conferred by these Regulations. The trustees shall not be
responsible for the correct calculation and payment by the Corporation to the
Trustees of the amount of its own contribution or subscription of the employee
nor shall the trustee be bound at the request of employee or otherwise to take
any proceedings against the Corporation for moneys which in the opinion of
employee should have been paid by the Corporation to the Trustees.
14.
The trustee shall cause proper minutes to be kept
and entered in a minute book of all their resolutions and proceedings and any
such minute of the meeting of the Trustees if purporting to be signed by the
Chairman of such meeting or by the Chairman of the next succeeding meeting
shall be received as prima facia evidence of the matters stated in such
minutes.
15.
(a) Every employee of the Corporation shall become
a subscriber to the Fund. Every person entitled or permitted to be a subscriber
to the Fund shall sign an agreement in the form set forth in the First Schedule
hereto or such other form as from time to time shall be prescribed.
(b) Any question as to whether an employee is or is not
entitled or required to become a subscriber to the fund shall be referred to
the Managing Director whose decision shall be conclusive and binding upon all
parties.
c) A subscriber one having joined the Fund shall not be
permitted to resign his subscribership to the Fund whilst he is in the service
of the Corporation.
(d) Any subscriber to the fund ceasing for any reason for
any reason whatever to be in the service of the Corporation shall there upon
cease to be subscriber to the Fund.
16.
Subscriptions
& contributions:- a) Every subscriber shall subscribe to the Fund
during the period of his service in PSC at the rate of 210% of his pay.
b) Such percentage shall be deducted from the subscribers
monthly salary at the time of its payment and shall be paid by the Corporation
to the Trustees.
17.
For and in respect of each month the Corporation
shall contribute to the Fund a sum equal to the aggregate amount subscribed to
the fund in that month by all the subscribers in accordance with regulation
No.17 (a) and shall pay the same to the Trustees to be brought into account and
dealt with as the Corporation’s contribution to the Fund under the provisions
of these Regulations.
18.
Bank account
and investments:- (a) All investments of the Fund and the banking account
of the Fund shall be in the name of the Fund.
(b) The trustees may from time to time by resolution under
their signature authorize any to of them to sign or endorse for transfer
conversion or payments of any securities held by the trustees and may be
resolution authorize any one or more of them to sign or endorse cheques,
drafts, warrants or receipts and may also authorize the Secretary to sign
receipts.
19.
Accounts:- The
trustees shall cause all necessary books of accounts to be kept at the Head
Office of the corporation at Lahore showing the disposal of the money coming to
their hands and shall maintain individual accounts for each subscriber to the
Fund.
20.
The sums from time to time subscribed by each
subscriber under Regulation No. 17 (a) hereof shall forthwith on payment
thereof be entered in the books of the funds and be credited therein to an
account in the name of such subscriber and account shall be otyled “own
subscription account”. The sum from time to time contributed by the Corporation
under Regulation No.18 hereof shall forthwith on payment thereof be entered in
the books of the funds and be credited therein to distinct accounts in the name
of the subscribers each of such last mentioned subscriber being entitled to
receive credit for a share in the sums contributed by the Corporation equal to
the sum subscribed by such subscriber under Regulation No.17 in respect of the
same period and each such distinct account shall be “Corporation’s Contribution Account.
21.
The trustees shall from time to time pay into any
schedule bank selected by them to the credit of the Fund to an account to be
opened in the name of the Fund all moneys received by the Trustees on behalf of
the Fund. All moneys to the credit of such account shall be dealt with only in
accordance with the Regulations.
22.
All money from time to time subscribed &
contributed to the Fund by the employee and Corporation respectively and paid
to the Trustees or occurring by way of interest or otherwise to the Fund and
not immediately required for the purpose of the Fund may from time to time be
invested in the name of the Fund at the discretion of the Trustees in
accordance with provisions of Trust Act-182 with power to the trustees in their
discretion from time to time to vary or trespass such investments into or for
other a of a like nature
23.
Any loss to the Fund including any loss or diminution
in value of the investment of the Fund from any cause whatsoever all other
coats, charges and expenses to which the Trustees or the Corporation shall be
put in connection with the Fund or any claim thereon for any reason whatever
shall be borne by the Fund.
24.
It shall be the duty of the Trustees to get the
correctness of the accounts verified yearly by suitable auditors.
25.
A pass book shall be supplied to each subscriber
which shall be made up and balanced yearly.
26.
As soon as may be after the close of each financial
year the Trustees shall prepare a balance sheet and a revenue account showing
the amount available on the last day of the financial year for division among
the subscribers arising out of the interest received and accrued on the
securities any donations or moneys given to the Fund and all other moneys if
any that should properly be brought into the account and the Trustees shall
having regard to the amount of the such not income determine a rate percent per
annum for crediting each subscribers account on the amounts standing to his
credit on the last day of the financial year in “own Subscription Account” and
“Corporation’s Contribution Account” respectively. In the even of any
subscriber ceasing to be a subscriber before the income for the year in which
the ceases to be subscriber has been ascertained the Trustees shall determine
the amount which shall be credited in such subscribers account as interest for
such year and the amount so credited shall be accepted as credited for all the
purpose of this Regulation.
27.
On or as soon as may be after the close of every
financial year the Trustees shall ascertain the market value as on the last day
of the financial year of the total investment and securities representing the
funds of the Fund and any fall in the market values of any of such investments
and securities below their costs shall be covered by creation of a Depreciation
Account and the amount to be placed to the credit of the said Depreciation
Account shall be appropriated from the revenue Account referred to in
Regulation No.(27). In determining the market value of the Fund Investments
appreciation in the value of any of the investments above their cost shall be
taken into account.
28.
Disbursement:-
The trustees shall in all cases be allowed a reasonable period not
exceeding three months from the date when any payment become due and payable to
a subscriber within which to make the payment required.
29.
(a) Each subscriber shall on joining the Fund
forthwith nominate a person or persons to receive the amount which may be due
for payment form the Fund in the event of his death before that amount has
become payable or having become payable has not been apid if any person thus
nominated in a minor or under any disability to given a legal discharge for any
payment the subscriber shall at the same time appoint another person who is of
full age and capable of giving a legal discharge for the purpose of receiving
payment on behalf of the minor or person under disability so long as the
minority or disability continues, provided that if at the time of making the
nomination the subscriber has a family
the nomination shall not be in favour of any person other than a member or
members of his family and if at the time of making the nomination the
subscriber has not family the nomination shall become invalid in the even of
his subsequently acquiring a family.
(b) If a subscriber nominates more then one person under
Regulation No. 30 (a) he shall specify in the nomination the amount or share
payable to each of the nominees in such manner as to cover the whole of the
amount that may stand to his credit in the Fund at any time.
c) In the even of death of the nominee or appointee referred
to in Regulation No.30 (a) during the life time of the subscriber the
subscriber shall forthwith nominate or appoint another person in the place of
the nominee or appointee so dying as aforesaid.
(d)
Every nomination or appointment shall be in writing
signed by the subscriber making it in the presence of two witnesses who shall
sign in his presence and in the presence of each other and shall be in such one
of the forms set forth in the Second Schedule hereto as is appropriate in the
circumstances and shall be handed over to the Secretary of the Fund.
(e)
A subscriber who had no family at the time of making
nomination or appointment but subsequently acquires family his nomination or
appointment which he made before acquiring family shall remain in force till
such time he makes a fresh nomination or appointment and such subscriber shall
have to make nomination or appointment within 30 days from the date of
acquiring the family.
(f)
A subscriber may cancel his nomination provided it is
replaced by another nomination. Such subscriber shall have to communicate in
writing his intention of cancellation and replacement to the Secretary of the
Fund.
30.
A subscriber on ceasing to be a subscriber shall be
entitled to the amount standing to his credit in “Own Subscription Account” and
if he shall on completion of three years satisfactory service voluntarily leave
the service of the Corporation after giving due notices or if his services are
terminated by the Corporation other than for misconduct as defined in the
Punjab Seed Corporation Service Regulations shall also be entitled to the
amount standing to his credit in “Corporation Contribution Account”.
31.
If by the application of provisions of Regulation
No.30 any amount in the Fund standing to the credit of a subscriber is withheld
or forfeited and is not payable to him or to the Corporation it shall be
credited to the impose and forfeitures Account provided always that the
Corporation shall have first charge upon this amount if at any stage it comes
to the knowledge of the Corporation that any amount is due from the said
subscriber whose funds have been withheld of forfeited.
32.
The amount payable to an employee ceasing to be a
subscriber or to the persons entitled thereto under the Regulations shall be
ascertained and determined by a certificate signed by two of the trustees of
them one shall be Director Finance and payment of which amount be certified to
the subscriber or other person/persons entitled thereto under the Regulations
shall operate as a full and sufficient discharge of all liabilities of the Fund
and of the Trustees in respect thereof.
33.
Advance from
the fund:- A temporary advance at the discretion of the Trustees may be
granted to a subscriber from the amount standing to his credit in his “Own
subscription account” subject to the following conditions:-
(a) No advance shall be granted unless the Trustees are
satisfied that the applicant’s pecuniary circumstances justify it and that it
will be expended on the following object or objects and not otherwise:-
(i)
To pay expenses incurred in connection with prolonged
illness of the applicant or applicant’s spouse or any person actually dependent
upon the applicant.
(ii)
To pay for the overseas passage for reason of health or
education of the applicant or any person actually dependent on him.
(iii)
To pay obligatory expenses on a scale appropriate to
the applicant’s status in connection with the marriages, funerals or ceremonies
which by his religion it is incumbent on him perform.
(iv)
One for the occupation of the subscriber himself or his
family on a piece of land owned by the subscriber or to make additions to or
alterations in an existing house owned by the subscriber whether or not
constructed or purchased with a house building advance.
(v)
To pay insurance premium towards insurance policies
and:
(vi)
To meet other expenditure which is considered by the
sanctioning authority to be essential and un-avoid-able.
Explanation:- (a) A temporary advance may be granted to the
subscriber for the performance of Haj.
(b) An advance other than that covered by clause (a) (iv)
shall not except for special reasons to be recorded in writing by the sanctioning
authority, exceed three months pay and shall in no case exceed the amount of
subscription and interest thereon standing to the credit of the subscriber in
the Fund.
c) An advance shall not except for special reasons to be
recorded in writing by the sanctioning authority be granted until at least six
(6) months after the final repayment of previous advances together with
interest thereon unless the amount already advanced does not exceed two thirds
of the amount admissible under clause (b).
Provided that the
above conditions shall not be relaxed in the case of advances falling under
clause (a) (v) above.
(d)
The sanctioning authority shall record in writing its
reasons for granting the advance.
(e)
An advance under sub-clause (iv) of clause (a) shall be
subject to the following special conditions:-
(i)
The advance shall in no case exceed twenty four month’s
pay of the subscriber or eighty per cent of the amount at the credit of the
subscriber in the Fund whichever is less.
(ii)
Advance granted for construction of a house shall be
paid in two equated installments
(iii)
If the first installment is not utilized for the
purpose of construction of the house within eight months of its drawl it shall
be refunded unless the sanctioning authority extends this period.
(iv)
For the purpose of drawl of the second installment the
subscriber shall be required to give under his hand a certificate to the affect
that he has actually utilized the first installment on the construction of the
house.
(v)
The subscriber shall not dispose of the house purchased
or constructed with an advance from the Fund until the advance has been repaid
or the subscriber retires from service and
(vii) Recovery shall be made at the rate of seven percent of
the subscriber’s pay commencing from the fourth issue of pay after the first
installment of the advance is drawn.
34.
Except as provided in the proceeding Regulations
the Corporation shall not be entitled to recover any sum whatever from the fund
and all moneys withheld or forfeited and not payable to the Corporation and all
balances in the Fund remaining unclaimed after five years of the date when the
claim should have been lodged and any profits from investments of such balances
on their realization shall be transferred to a separate account to by styled
“Lapse and forfeitures Account. The amount in such account shall be utilized
primarily to meet any loss from investments of the Fund on their realization
and secondly for the benefit of subscribers and /or dependents of deceased
subscribers and/or such persons collectively and/or for such purpose connected
with the fund in such manner and to such extent as the Trustees may at their
discretion think fit.
35.
In the even of the Corporation going into
liquidation whether voluntary or compulsory (save for the purpose of
reconstruction or amalgamation) the fund shall automatically cause and the
Trustees shall thereupon wind up the Fund
pay out of its assets to each subscriber the sum then standing to his
credit after paying and discharging the coasts charges and expenses of and
incidental to the realization winding up
and distribution of the assets and after the accounts shall have been finally
closed in accordance with the Regulations of the fund then in force and
thereupon this fund shall cease to exist and the Regulations thereof shall
cease to have any affect other than for the purpose of determining any right of
title or exercising any power or discretion in relation to the winding up or the distribution of the
assets.
36.
If on closing and winding up of the fund after
payment to each subscriber any surplus to the credit of “Lapse and forfeitures
Accounts” shall remain in the hands of the Trustees the Trustees shall pay to
the Corporation there out such amounts as had at any time been taken to the
“Lapses and Forfeiture Account” from the accounts of a subscriber or
subscribers and were recoverable by the Corporation under the provisions of
these Regulations but which had not been recovered. Any surplus in either of
such accounts remaining in the hands of the trustees after such payments
aforesaid shall be payable to the subscribers account on such date. The fund
accounts shall thereafter be audited and closed.
37.
a) For the purpose of these regulations a notice to
a subscriber may be given by exhibiting the same in a conspicuous position in
the office of building in which the subscriber is employed.
b) A notice to the Secretary of the fund or to the Trustees
may be given by sending the same through the post or delivering the same by
hand in a letter addressed to him or them at the Corporation’s Head Office.
38.
(a) Any dispute or difference which may arise
between any subscriber or his executor
administrator’s nominees or
representatives and the trustees or between any subscriber or his executors administrators nominees or
representatives and the Corporation as
to the construction meaning operation of effect of any of the Regulations or as
to any right duty or obligations of any
subscriber or the trustees or the
Corporation there under or act to any matter arising out of the same (except as
to any matters) the decision of which is especially provided under the
Regulations) shall be referred to an Arbitrator to be appointed by the Managing
Director whose award shall be final and binding upon the parties.
(b) Nothing herein contained shall be deemed to effect or
limit any discretion vested in trustees under these Regulations or any decision
of the trustees which by these Regulations is provided to be final on any
particular matter or any matter left to the discretion of the Trustees under these
Regulations.
39.
The fund already created shall be demand to have
been created under these
Regulations.
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