MALAWI:   WORKERS' COMPANSETION ACT, 2000                                                  MALAWI SDNP
of the  
57. (1) There shall be established and maintained for the pur- 
            poses of this Act, a fund to be known as the Workers' Compensation 
            Fund, herein referred to as the Fund. 

      (2) There shall be paid into the Fund- 

           (a) any assessments payable by employers including the 
                Government under this Act; 

           (b) any moneys paid by employers, including the Government, 
                 to the Commissioner under this Act; 

           (c) any moneys paid as penalties imposed under this Act, other 
                than penalties imposed as fines by a court; and 

           (d) any other sums to which the Fund may become entitled. 

of the  
58. (1) Sums out of the Fund shall be applied by the Commissioner in line 
            with the budget approved by the Board for the payment of- 

         (a) compensation to workers or dependents wherever any employer is 
              liable to pay such compensation under this Act; 

         (b) expenditure lawfully incurred by the Commissioner in carrying out 
               his functions under this Act; and 

         (c) any other expenditure lawfully incurred under this Act for due 
              administration of the Fund. 

      (2)  Any surplus in the Fund may, with the approval of the Board, 
             be applied by the Commissioner in the reduction of future assess- 
             ments or may be retained in the Fund. 

      (3)  Any deficiency in the Fund may be made good by an increase in the 
            amount of any future assessment. 

      (4) There may be established within the Fund such reserve funds 
            as the Commissioner, with the approval of the Board, considers nec- 
            essary or desirable for the purposes of this Act. 

Holding of  
assets of  
the Fund
  59. (1) All moneys received by the Commissioner on behalf of the Fund 
              shall be paid into a bank account and no money shall be 
              withdrawn therefrom except by means of cheques signed by such 
              person or persons as may be authorised by the Board in that behalf. 

        (2) A proportion of the Fund shall be held in liquid form and such 
              proportion may be determined and varied from time to time by the 
              Commissioner, with the approval of the Board, having regard to the 
              due execution of this Act; and such liquid portion of the Fund may 
              be held in any bank account or on deposit with banks or building 
              societies registered in Malawi. 

        (3) The Commissioner shall hold the remainder of the Fund in 
              investments approved, either generally or specifically, by the Board. 

and Audit 
  60. (1) The Commissioner shall keep and maintain proper books of account 
              and other books and records in relation thereto, in which shall be 
              recorded all financial transactions of the Fund and he shall in every 
              respect comply with the provisions of the Finance and Audit Act. 

        (2) The accounts of the Fund shall be examined and audited annually 
              by auditors appointed by the Commissioner with the approval 
              of the Board. 

        (3) The Commissioner shall furnish to the Board annually, or as 
              often as the Board may direct, accounts in respect of the finances 
              and other assets of the Fund. 

        (4) There shall be an actuarial valuation on the financial all viability of the 
              Fund after every three years. 

Liability to  
 61. (1) Every employer, including the Government, shall be 
             liable to assessment under this Part. 

       (2) The Minister may, with the advice of the Board, make regula- 
             tions for the making of assessments on employers regarding their 
             contribution to the Fund,