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Provident Fund Act - Provident Fund (Small Loans Investment Scheme) (Amendment) Regulations 2005

LAWS OF TUVALU

PROVIDENT FUND (SMALL LOANS INVESTMENT SCHEME)
(AMENDMENT) REGULATIONS 2005

LN04/2005

PROVIDENT FUND ACT 1984 (Cap.86)

In exercise of the powers conferred by section 5(3) of the Provident Fund Act 1984, I hereby make the following regulations: —

Short title, Commencement and Interpretation

1. (1) These Regulations may be cited as the Provident Fund (Small Loans Investment Scheme) (Amendment) Regulations 2005.

(2) The Minister appoints 1st day of June 2005 to be the date the Regulations shall
come into force.

(3) In these regulations, "the Regulations" means the Provident Fund (Small Loans Investment Scheme) Regulations 2003.

Replacement of Regulation 13

1. Regulation 13 of the Regulations is replaced by:

"Loan Fee

13. (1) For the first year after the enforcement of these regulations a fee of $10 per approved loan application shall be debited into the members' respective loan at the time of loan processing.

(2) For the second year after the enforcement of these regulations a fee of $15 per approved loan application shall be debited into a members' respective loan at the time of loan processing.

(3) For the third year after the enforcement of these regulations a fee of $20 per approved loan application shall be debited into a members' respective loan at the time of loan processing. "

Amendment of Regulation 15

2. Regulation 15 is amended by deleting the word "Rescheduling".