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Application of moneys in dissolved Dependants’ Protection Insurance Fund, etc.

Central Provident Fund Act 1953

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—(1) Upon the dissolution of the Dependants’ Protection Insurance Fund (called in this section the dissolved Fund), the Board may —(a)subject to such terms or conditions as it thinks fit to impose, pay such part of the moneys of the dissolved Fund as the Board may determine to each of the appointed insurers to which the Board’s liabilities under the Scheme have been transferred under section 49A; and(b)retain such part of the moneys of the dissolved Fund as it thinks necessary for meeting —(i)any of its own liabilities under the Scheme that may have arisen prior to the transfer; and(ii)any costs and expenses incurred by it in maintaining the Scheme.(2) Every amount paid by the Board out of the dissolved Fund before the dissolution of that Fund, or out of the moneys of the dissolved Fund upon or after the dissolution of that Fund but before 30 December 2011, to defray the costs and expenses incurred by the Board in establishing and maintaining the Scheme is deemed to be and always to have been validly paid, and no legal proceedings shall lie or be instituted or maintained in any court of law on account of or in respect of any such payment.(3) The Board may —(a)transfer to the Fund such part of the moneys of the dissolved Fund retained under subsection (1)(b) as it thinks fit; and(b)apply the transferred moneys towards meeting —(i)any of its own liabilities under the Scheme that may have arisen prior to the transfer under section 49A; and(ii)any costs and expenses incurred by it in maintaining the Scheme.

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