Article 15 Schemes to provide for establishment of a fund, payment of contributions, accounting, etc.F1

(1)

Every scheme shall provide—

(a)

for the establishment of a fund (in this Article referred to as “the fund”) to be administered and controlled by the board, for the payment into the fund of all moneys received by the board, and for the payment out of the fund of any moneys required by the board for the operation of the scheme or otherwise for the purposes of this Part;

(b)

for the payment by registered producers of contributions to the fund of such amounts as may be necessary for the operation of the scheme or otherwise for the purposes of this Part, and for the assessment of the contributions of producers in such manner and subject to such limitations as may be provided by the scheme;

(c)

for the distribution, in such manner as may be provided by the scheme, of all moneys standing to the credit of the fund which are not required for the operation of the scheme or otherwise for the purposes of this Part;

(d)

for the accounts to be kept by the board and for the audit of those accounts;

(e)

for the furnishing by the board to the Department and to registered producers of accounts, returns and other information, including (without prejudice to the generality of the foregoing)—

(i)

an annual report upon the operation of the scheme administered by the board;

(ii)

an annual balance sheet and either an annual profit and loss account or, in the case of a board which does not trade for profit, an annual income and expenditure account; and

(iii)

an annual statement in accordance with Schedule 3;

(f)

for the furnishing by the board, on payment of such reasonable fee (if any) as the board may determine, of a copy of the balance sheet of the board to any person requiring it.

(2)

The Department shall lay before the Assembly copies of every annual report received by the Department by virtue of paragraph (1) (e) (i).

(3)

Compensation shall be payable under, and in accordance with, a scheme by the board to registered producers in such class of cases as may be specified in the scheme; and any scheme may provide for empowering the board, in such class of cases as may be specified in the scheme, to pay compensation to registered producers in respect of any loss which, in the opinion of the board, has been occasioned to those producers by the operation of any scheme, whether administered by that board or not.

Annotations

Textual amendments

F1: mod. by 1984 NI 12, SR 1995/103