PART III

Finance

 

Investment Committee

 

   20.- (1) There shall be for the purposes of this Act an Investment Committee which shall consist of five members to be appointed by the Minister as follows-

 

(a) an officer of the Ministry of Finance nominated by the Minister which officer shall be appointed Chairperson;

 

(b) an employee of the Corporation other than the Director;

 

(c) two other members who appear to the Minister to be experienced in finance, accountancy, business administration, industrial relations and other related subjects; and

 

(d) the Director.

 

    (2) The Investment Committee shall have a quorum of three members.

 

    (3) The Investment Committee shall meet at such times and places as the Chairperson shall appoint, or upon the request of any two members of the Committee.

 

    (4) The Investment Committee shall appoint its own Deputy Chairperson and regulate its procedure at its meetings.

 

    (5) The members of the Investment Committee shall hold office for a term not exceeding three years and shall be eligible for re-appointment.

 

    (6) In the absence of the Director, the Deputy Director shall attend any meeting and in such a case he or she shall be deemed to be a member of the Investment Committee.

 

Investment of surplus moneys

 

   21.- (1) The Investment Committee shall have power to give from time to time general or specific directions to the Board, on the investment of moneys in the Fund which are surplus to current needs; and the Director shall give to the Investment Committee any information necessary for the proper discharge of its functions.

 

    (2) Subject to any general or specific direction of Cabinet the surplus moneys in the Fund may be invested in any of the

following -

 

(a) the acquisition and development of land;

 

(b) the purchase, construction and rental of buildings;

 

(c) loans,

 

(d) government bonds and securities;

 

(e) shares and debentures in bodies corporate.

 

    (3) The Investment Committee shall submit to the Board at the end of every quarter a report of its activities over the preceding quarter.

 

Accounts and financial statements

 

   22.- (1) Accounts shall be kept of all moneys in the Fund in accordance with international accounting standards and shall be audited annually by independent, qualified and experienced auditors appointed by the Board.

 

    (2) Within three months of the end of the financial year, the Director shall submit to the Board a report of the following in respect of the financial year -

 

(a) an account of the income and expenditure of the Fund;

 

(b) an account of contributions received and benefits paid;

 

(c) a statement of assets and liabilities of the Fund;

(d) a statement of account of the securities in which moneys forming part of the Fund are invested;

 

(e) the auditors report and recommendations.

 

    (3) Not later than two months prior to the end of the financial year, the Director shall submit to the Board, estimates of the Board’s expenditure for the succeeding financial year.

Board to submit financial statement for laying before House

 

     23. The Board shall submit to the Minister not later than three months after its receipt a copy of the accounts and reports pursuant to section 22, together with a report by the Chairperson of the activities of the Corporation for the same period, and the Minister shall, within three months of its receipt, lay the same before the House of Assembly.

 

Actuarial review

 

   24.- (1) The Board shall, with the assistance of an actuary approved by the Minister, review the operations of this Act at the end of the year 2000 and thereafter not later than every fifth year, and, in such review, make a report to the Minister on the financial condition of the Fund and the adequacy or otherwise of the contributions payable under this Act to support the benefits payable thereunder, having regard to other liabilities under this Act.

 

    (2) The Minister shall, as soon as possible after receiving any report made in pursuance of the preceding subsection, lay a copy of it before the House of Assembly.

 

Approval of borrowing by Minister and of the House for guarantee of any borrowing

 

   25.- (1) Subject to the approval of the Minister of Finance the Corporation may borrow money for any of its functions under this Act.

 

    (2) With the approval of the House of Assembly, signified by a Resolution, the Minister of Finance may guarantee any approved borrowing by the Corporation.

 

    (3) A borrowing guaranteed under this section shall in default of payment by the Corporation be charged on the Consolidated Fund.