a. Management of the Fund, establishment and implementation of the Investment Policy.
b. Keeping of :
- Minute books for the decisions taken at the meetings of the Committee and of the General Meetings.
- Register of Members.
- Books of Account
- Individual Account for each Member of the Fund to show the full name and ID number of the member and to which will be credited separately the contributions collected from the member and the employer, the interests, other amounts payable to his credit, payments made to the member and the total amount to his credit at the end of the year.
c. The Committee ensures that the Income and Expenditure Accounts and Balance Sheet are prepared within 6 months as from the end of each financial year.
d. Annual Submission to the Provident Fund Registrar and Income Tax Registrar of the accounts as well as of any other information related to the members.
e. It procures that the investments are executed according to the Principles and general directions issued by the Ministry of Finance.
f. Registration of any amendment made to the Articles of Association by submitting a relevant application to the Provident Fund Registrar within 15 days as from the day of taking an amendment decision.
g. Notification to the Registrar of any change made to the members of the Management Committee within 10 days as from the day of any such change.
Particularly for the accounts and the members of the Provident Fund, the Management Committee must submit to the Registrar within 6 months from the expiry of the accounting year:
- Copy of the Income and Expenditure Account of the Fund for the year.
- Copy of the Balance Sheet upon the expiry of the year.
- Copy of the Auditor’s Report.
Statement demonstrating the number of new members registered during the year, the number of members who lost the capacity of member, the total number of members at the end of the year, the number of members in favour of which contributions were collected and the number of members to which benefits were paid for the year.
In relation to the above matter, the attached form Y.K.A 757 must be prepared which requests further information concerning the benefits and the loans provided to the members of the Fund and which the Management Committee must submit to the Registrar separately for every year.