GHANA PRECISION METALS CORPORATION ACT - 1977 (SMCD 105)

    Section - 19 - Staff Welfare Fund.

    (1) The Corporations shall have a Staff Welfare Fund.

    (2) At the end of each financial year, the Corporation shall transfer to the staff welfare fund, such sum, not exceeding five per centum of the net profits of the Corporation as the Board may determine.

    (3) The Corporation may, with the approval of the Commissioner use the Staff Welfare Fund for the provision of staff welfare facilities such as canteens, low-interest-bearing staff welfare loans and for other purposes aimed at enhancing the welfare of the staff of Corporation.

    (4) The operation of the staff welfare fund shall be subject to such specific rules and regulations as may be made by the Board.