S.L. 452.84 Art. 7Administration of the Guarantee Fund.

(1) The Fund shall be administered by a Guarantee Fund Administration Board which shall be composed of:

(a) the Director of Employment and Industrial Relations who shall act as Chairperson;

(b) the four representatives of employees appointed on the Employment Relations Board in accordance with article 3(2)(c) of the Act;

(c) the four representatives of employers appointed on the Employment Relations Board in accordance with article 3(2)(d) of the Act;

(d) a member nominated by the Minister of Finance;

(e) the Chairperson of Jobsplus; and

(f) a person appointed by the Minister who shall be a member of the legal profession.

(2) The Guarantee Fund Administration Board shall regulate its own procedure.

(3) The Guarantee Fund Administration Board shall keep proper books of account and records regarding claims registered and paid out of the Fund as well as any refunds which are obtained by the Fund as a result of its subrogated rights.

(4) The Guarantee Fund Administration Board shall publish an annual report of its activities, together with the annual audited accounts of the Fund.