New Mangalore Port Trust Employees (Pension Fund) Regulations 1980
G.S.R. 152 (E) –
In exercise of the powers conferred by section 126, read with section 28 and sub-section (1) of section 88, of the Major Port Trusts Act, 1963 (38 of 1963), the Central Government hereby makes the following first regulations, namely:-
1. Short title and commencement:- (1) These regulations may be called the New Mangalore Port Trust (Pension Fund) Regulations, 1980.
(2) They shall come into force on the 1st day of April, 1980.
2. Definitions:- In these regulations, unless the context otherwise requires -
(a) “Act” means the Major Port Trusts Act, 1963 (38 of 1963) ;
(b) “Board” means the Board of Trustees for the Port of New Mangalore ;
(c) “Chairman” means the Chairman of the Board ;
(d) “employee” means an employee of the Board whether permanent or temporary and includes ex-employee who has died or retired or resigned from the service under the Board or whose services have been terminated but does not include any permanent or temporary employee of the Central or State Government or a local body or other authority on deputation with the Board ;
(e) “Fund” means the New Mangalore Port Trust Pension Fund established under regulation 3 ;
(f) “general account” means the general account of the port ;
(g) “pension” includes family pension ;
(h) “pension rules” means all existing regulations and orders to provide pensions, gratuity and commutation of pension which continue to be in force by virtue of the New Mangalore Port Trust (Adaptation of Rules) Regulations, 1980, or such other regulations as may be framed by the Board in this behalf to replace or modify the aforesaid regulations and orders.
3. Establishment of the Fund:- There shall be established a Fund to be called the New Mangalore Port Trust Pension Fund and there shall be credited thereto -
(a) such annual contribution from the general account of the port as the Board may deem reasonably sufficient for meeting the future liability of pension and gratuity in respect of the employee ;
(b) interest and profit on investments belonging to the fund ;
(c) any other sum made over to the Fund by way of gift or donation ;
(d) refund of any excess payment of pension or gratuity as may be recovered.
4. Administration of the Fund:- The Fund shall be administered by the Chairman.
5. Expenditure from the Fund:- Expenditure may be incurred out of the Fund for one or more of the following purposes, namely:-
(a) payment of pension and family pension as admissible under the pension rules to the employees or their family members or their dependants, as the case may be ;
(b) payment of gratuity, death-cum-retirement gratuity and terminal gratuity as admissible under the pension rules to the employees or their family members or their dependants, as the case may be ;
(c) payment of commuted value of pension as admissible under the pension rules.
6. Disbursement of the Fund:- Disbursement shall be made out of the Fund to the employees or their family members or their dependants as per the provisions of the pension rules under specific sanction of the Chairman.
7. Investment of the Fund:- The Chairman may invest the whole or a part of the Fund in public securities or in such other securities as the Central Government may approve in this behalf.
8. Interpretation:- If any question arises relating to the interpretation of these regulations, the same shall be decided by the Board.