partx - ENVIRONMENTAL FUND

ENVIRONMENTAL FUND

Establishment
of
Environmental
Fund

53.

There is hereby established a fund to be known as the Environmental Fund (in this Act otherwise referred to as the "Fund").

The Fund shall consist of—

such sums as shall be appropriated by Parliament for the purposes of the Fund;

advances made to the Fund under section 55;

such sums or other assets as may be received for the poses of the Fund by way of voluntary contributions or donations;

such sums as are paid by way of fees or other penalties in respect of licenses issued under this Act.

Vesting of Fund
in the
Minister

Cap. 37:01

54.

The Fund shall be vested in the Minister and, subject to this Act and the Finance and Audit Act, shall be administered in accordance with his directions.

Advances
to the Fund

55.

If in any financial year the income of the Fund together with any surplus income brought forward from a previous year, is insufficient to meet the actual or estimated liabilities of the Fund, the Minister responsible for finance may make advances to the Fund in order to meet the deficiency or any part thereof and such advances shall be made on such teens and conditions, whether as to repayment or otherwise, as the Minister responsible for finance may determine.

Objects
of the Fund

56.

The objects for which the Fund is established shall be Me protection and management of the environment and the conservation and sustainable utilization of natural resources.

Application
of the Fund

57.

Without derogation from the generality of section 56, the Fund, may be applied to--

research and training which is calculated to promote the protection and management of the environment and the conservation and sustainable utilization of natural resources;

the acquisition of land, equipment, materials and other assets and the construction of buildings in order to promote the objects of the Fund;

the cost of any scheme which the Minister considers to be in the interest of the protection and management of the environment and the conservation and sustainable utilization of natural resources;

meeting any expenses arising from the establishment and maintenance of the Fund; and

any purpose which the Minister considers to be in the interest of the objects of the Fund.

Books and other
records of account
audit and reports
of the Fund

Cap. 37:01

58.

The Minister shall cause to be kept proper books and other records of account in respect of receipts and expenditures of the Fund in accordance with the Finance and Audit Act.

The accounts of the Fund shall be audited by the Auditor General who shall have all the powers conferred upon him by the Finance and Audit Act

The Minister shall cause to be prepared, as soon as practicable, but not later than six months after the end of the financial year, an annual report on all the financial transaction of the fund.

The report referred to in subsection (3) shall Include a balance sheet, an income and expenditure account and the annual report of the Auditor General and shall be laid by the Minister before the National Assembly.

Holding
of the
Fund

59.

All stuns received for the purposes of the Fund shall be paid into a bank account and no amount shall be withdrawn therefrom except by means of cheques signed by such persons as ale authorized in that behalf by the Minister.

Any part of He Fund not immediately requited for the purposes of the Fund may, on the recommendation of the Council, be invested in such manner as the Minister, after consulting with He Minister responsible for finance, may determine.

Financial year

60.

The financial year of the Fund shall be die period of twelve months commencing on 1st April in one year and ending on the 31st March of the following year:
Provided that the first financial year of the Fund may be a period shorter or longer than twelve months as the Minister shall determine, but in any case not longer than eighteen months.