Amendment status not verified — confirm the current text below against the official source.
Formation of Standing 'Committee;—( 1) The Board may constitute a standing committee fonsidering the following items, namely;— (a)Annual Budget. Annual administrution Report; Recruitment of Staff; and Such other matters as may be referred to the Standing Committee by the Board. (2) The Standing Committee shall consist of the following persons, namely;- Chairman of the Board. TWo Directors representing the employers; TWo Directors representing the employees; The Director representing the Finance Department of the Government; The Chief Executive of the Board. The Chairman of the Board shall be the Chairman of the Standing committee also. But if the Chairman is absent at any time, the members present shall elect one among them to preside over the meeting. No business shall be transacted at a meeting of the Standing committee unless at least 4 members of the committee are present, of whom at least one shall be from the employer members and another shall be from the employee members. & - (5) The term of the Standing Committee shall be one year from the date of consti- tution; Provided that the standing committee shall continue to function beyond one year till the next committee is constituted. The recommendation of the Standing Committee shall be placed before the Board for its decision. - The members of the committee shall be allowed travelling allowance and daily allowance at the rate and subject to the conditions specified in paragraph 19. Opening of District and Local offices;- The Board may, with the approval of Government, open such District and local offices as it may consider desirable for the purpose of implementing the scheme. It may also define the functions and duties of such offices. Powers, Duties and Functions of the Board.- (1) The Board shall be responsi- ble for.- all matters connected with the administration of the fund specified in the scheme; - registration of employees to the fund; laying down policies for the deposit of the amount of the fund as directed by Government from time to time; submission of annual budget to the Government for sanction; submission of annual report to Government on the working of the scheme; (0 annual audit of accounts of the fund in accordance with the instruction issued by Government; (g) collection of contribution to the fund and other charges; - - (h) launching of prosecutions against officers uder the Act; (i) speedy settlement of claiths and sanction of advances and other benefits; (J) proper maintenance of accounts: (k) proper and timely recovery of any amount due to the Board.. (2) The Board shall furnish information to Government on such matters as the Government may refer to it from time to time;