Powers and functions of the Committee

Powers and functions of the Committee:

1. (1) It shall be the duty of the Committee to administer the Fund.
2. (2) In the administration of the Fund, the Committee shall, subject to the provisions of this Act and the rules made thereunder:—
   • (a) hold the Fund in such bank accounts as may be prescribed;
   • (b) receive applications for admission or re-admission to the Fund, and dispose of such applications within the prescribed time;
   • (c) receive applications from members of the Fund, their nominees or legal heirs, for payment out of the Fund, conduct such enquiry as it deems necessary and dispose of the applications;
   • (d) record in the minutes book of the Committee its decisions on the applications;
   • (e) pay to the members of the Fund, their nominees or legal heirs, the amounts at the rates specified in the Schedule;
   • (f) maintain such books of accounts and other registers as may be prescribed;
   • (g) invest the Fund in such bank or financial institutions as may be prescribed;
   • (h) furnish to the Government such particulars as may, from time to time, be required by them.