The Fund shall consist of the following, namely:-
(a) the contribution by the Bank at the rate of ten percent per month of the pay of the employee;
(b) the accumulated contributions of the Bank to the Provident Fund and interest accrued thereon up to the date of such transfer in respect of the employees;
For Indian Overseas Bank kfrt4/4/';-.
hief Manager 9
(c) the amount consisting of contributions of the Bank along with interest refunded by the employees who had retired before the notified date but who opt for pension in accordance with the provisions contained in these regulations;
(d) the investment in annuities or securities purchased out of the moneys of the Fund and interest thereon;
(e) amount of any capital gains arising from the capital assets of the Fund;
(f) the additional annual contribution made by the Bank in accordance with the provisions contained in regulation 11 of these regulations;
(g) any income from investments of the amounts credited to the Fund;
(h) the amount consisting of contribution of the Bank along with interest refunded by the family of the deceased employee.
&Board of Trustees:-
(1) The Board of trustees shall consist of such number of persons not less than three and not more than nine, as may be determined by the Board, to be appointed by the Bank.
(2) The power to appoint the trustees shall be vested with the Bank and all such appointments shall be made in writing.
(3) The Bank shall nominate one of the trustees to be the Chairman of the Board of Trustees.
The Bank shall also nominate a trustee to be an alternate Chairman who shall act as Chairman in the absence of the Chairman.
(4) The term of appointment of Trustees shall be for a period of three years and the Bank may re-appointment a trustee who has already completed his term; provided that no Trustee shall be appointed for more than two terms.