27.
| (1) Every Professor, Member, Fellow, officer and servant employed by the Institute, shall from the date of his employment, contribute to the Provident Fund, by means of equal monthly deductions from his salary, an amount equal to ten per centum of his earnings, and the Institute shall, in addition, at the same time contribute to the Fund in respect of every contributor, a sum equal to fifteen per centum of the earnings of that contributor or such other sum as the Board may determine. |
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| (2) The Secretary shall open and keep a general account for the Provident Fund and a separate account in respect of each contributor to that Fund. All contributions made by a contributor to the Provident Fund and all contributions made by the Institute to the Fund in respect of that contributor shall be placed to the credit of the account of that contributor in the Fund. |
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| (3) The amount lying to the credit of the account of a contributor shall, subject to the provisions of any rule made by the Board in that behalf, accumulate at compound interest at a rate to be fixed by the Board in consultation with the Minister in charge of the subject of Finance, until the day on which that contributor ceases to be a contributor in accordance with the rules of the Institute, and the account of that contributor shall be closed on that day. Where the accumulated sum lying to the credit of a contributor is not paid within a period of three months from the date the account was closed, interest at the same rate as provided in this section shall be paid up to the last day of the month preceding that in which the full amount lying to his credit is paid : |
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Sri Lanka Consolidated Acts