New Mangalore Port Trust Employees (House Advance Spl. Family Benefit Fund) Regulations 1996
NEW MANGALORE PORT TRUST
NEW MANGALORE PORT TRUST EMPLOYEES (HOUSE BUILDING ADVANCE)
SPECIAL FAMILY BENEFIT FUND REGULATIONS, 1996
1. Short title and application :
(a) The Regulation may be called the ‘New Mangalore Port Trust Employees’ (House Building Advance) Special Family Benefit Fund Regulations, 1996.
(b) The Regulation Shall apply to those Officers/Employees in the regular establishment of the New Mangalore Port Trust Board who have already availed the House Building advance from the Port Trust and willing t o join the Scheme and those who avail HBA after the commencement of the Regulation.
2. Commencement :
It shall take effect from the date of publication in the Official Gazette of Governement of India.
In this Regulations, unless the context othewise requires
(a) The Act means the Major Port Trust Act, 1963.
(b) ‘Board’ and ‘Chairman’ shall have the meaning assigned to them under the Act.
(c) ‘Employee’ means Officer/Employee of New Mangalore Port Trust to whom the Regulation applies under 1(b) above.
(d) ‘Fund’ means the New Manager Port Trust Employees’ (House Building advance) Special Family Benefit Fund for meeting the undischarged liability towards House Building Advance.
(e) ‘Financial Adviser and Chief Accounts Officer’, Secretary shallmean the Board’s Finanial Adviser and Chief Accounts Officer and Secretary operatilng the Welfare Fund.
The object of the Regulations to compensate from the Fund the undischarged liability towards House Building Advance including interest thereon incase of an employee who dies in harness, while Service.
5. Constitution of the Fund :
(a) A Fund styled the ‘New Manager Port Trust Employees’ (House Building Advance) Special Family Benefit Fund’ shall be constituted with the contribution made monthly by the employees of the Board who have already availed/avail the House Building Advance and with the Contribution by the Board.
(b) An account called the ‘New Mangalore Port Trust Employees’ (House Building Advance) Special Family Benefit Fund’ shall be opened in the State Bank of India or its Associates or in any of the Nationalised Banks at Panambur / Manager.
6. Contribution to the Fund :
(a) Every Employee to whom the Regulation applies shall make a non-refundable subscription of Rs. 15/- (Rupees fifteen only) per month and such subscription should continue to be paid by him till the date of his/her retirement on Superanuation or otherwise or till repayment of the House Building Advance together with interest accrued thereon, whichever is earlier. In respect of future entrants subscription will commence form the pay of the month immediately following that in which the first instalment of the House Building Advance is disbursed either for the purchase of the Plot or for construction. If during any month, recovery of subscription could not be made for any reason, such dues will be recovered from the subsequet pay bill or any other settlement dues.
(b) The Board shall make an equal contribution of Rs. 7.50/- (Rupees Seven and Paise fifty only) per mensum, per employee, at the beginning of each financial year on the basis of the strength of employees covered by the provisions of the Regulations the excess or short contribution by the Board for the financial year being made good at the time of the next payment of contribution.
7. Payment in the event of Death while in service ;
In the case of an employee dying while in service, the entire amount due from him/her i.e. the principal and interest towards the repayment of the House Building Advance due thereon upto the date of his death in full shall be reimbursed to the Port Trust Board by meeting the same from the fund, provided the subscription to the Regulation has been commenced and continued till the month of his death. (However, in cases where the recovery of the employees subscription could not be effected regularly from the employees’ salary due to application of the provisions of the payment of Wages Act or due to the prolonged illness of the employee duly certified by the Port Trust Chief Medical Officer or due to any other reason, excepting in cases where such lapses were committed willfully, the arrears of subscription shall be adjusted from any amount payable to the employee by the Trust.
8. Administration of the Fund :
(a) The Fund shall be administered by a Committee consisting of the Chairman, Dy.Chairman, Finance Adviser and Chief Accounts Officer and one other Head of the Department to be nominated by the Chairman from time to time.
(b) The Fund shall be operated by the Finance Adviser and Chief Accounts Officer and Secretary, jointly or any other Officer not below the above rank, authorised by the Chairman, on his behalf.
(c) The investment of the amount available in the fun shall be made by the Finance Adviser and Chief Accounts Officer in such a way as may be decided by the Chairman from time to time.
(d) The claims for payment from the Fund shall be processed by the Financial Adviser & Chief Accounts Officer and put up to the Committee.
9. Accounts and Audit :
The Financial Adviser and Chief Accounts Officer shall arrange to maintain the necessary books of accounts and audit by one of the Officers under his control in Administering the Fund.
10. Interpretation :
If any question arised relating to the interpretation of these regulations, the same shall be referred to the Board.