Regulation 50

Regulation 50 is an important Regulation since it confirms the “Authorised Purpose” of the Fund and is referenced in the Elder Smith and Co Limited Provident Funds Act 1963 (SA). Regulation 50 – Alteration of the Deed “No alteration to this Deed may be made which may authorise the application or use of any part of the Fund for any purpose other than: (a) The provision of pensions and benefits for officers their wives widows or dependents; (b) the making of any refund or allowance to officers; (c) the payment of the expenses arising out of the management control administration or protection of the Fund (d) reimbursement to the company or to an associated company of any losses of the nature herein specified But subject to this provision the Board by a majority of all the Directors for the time being testified by their executing the Deed hereinafter mentioned may from time to time and at any time by deed with the assent in writing of all the Trustees present at a duly constituted meeting of the Trustees called to consider the matter alter all or any of the provisions of this Deed (including the provisions for the appointment and retirement voluntary or compulsory of the Trustees) and may make new provisions of this Deed and shall by such Deed declare the time retrospectively or otherwise when such alterations or new provisions shall come into force. Such alterations and new provisions shall be deemed to be provisions in relation to the Fund of the same validity as if they had been originally contained in this Deed and shall be subject in like manner to be added to altered or modified. The provisions of this Deed and any Future Deed are and shall be deemed to be regulations in relation to the fund.”