13 Schemes to provide for establishment of a fund, payment of contributions, etc.U.K.
(1)Every scheme shall provide for the following matters, that is to say:—
(a)for the establishment of a fund (hereafter in this section 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;
(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, 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;
(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 Minister and to registered producers of accounts, returns and other information, including 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;
(f)for the furnishing by the board of a copy of the balance sheets of the board to any person requiring it.
(2)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.
(3)Except in the case of a substitutional scheme, the operation of any provision of a scheme made in pursuance of paragraphs (b) and (c) of subsection (1) of this section, and the operation of the provisions of a scheme relating to the payment of compensation, shall be suspended until the expiration of the suspensory period.
Modifications etc. (not altering text)
C1S. 13(1)(e) modified (21.11.2002) by S.I. 2002/2843, art. 3(2) (with transitional and saving provisions in art. 10)