LOAN BOARD ORDINANCE

Arrangement of Sections

1. Short title.

LOAN BOARD AND OFFICERS

2. Minister to appoint Commissioners of Loan Board.

3. Commissioners to appoint secretary, clerks.

4. Treasurer.

5. Salaries.

MEETINGS OF LOAN BOARD

6. Meetings of Commissioners.

7. Chairman.

8. Majority to decide.

RULES AND REGULATIONS

9. Commissioners may make rules and regulations.

10. Omitted.

GENERAL PROVISIONS

11. Commissioners to be trustees.

12. Commissioners to invest suitors funds, subject to certain rules.

13. Commissioners to sue and be sued.

14. Duty of Board to keep books of account.

15. Power of Auditor-General to audit accounts.

16. Parate execution.

17. Power of Commissioners to purchase property.

18. Reimbursement of expenses borne by the Government.

19. Agents to transmit money to the Treasury.

20. Disposal of money long unclaimed.

21. Nothing herein to effect liability of Board to account to courts or to execute its orders.

4 of 1865,

10 of 1926,

43 of 1942,

31 of 1947,

33 of 1973,

2 of 1950,

5 of 1952.

AN ORDINANCE to provide for the constitution and management of the Loan Board and to make certain unclaimed balances available for certain public purposes.

[Date of Commencement: 1st July, 1866]

1. Short title.

This Ordinance may be cited as the Loan Board Ordinance.

LOAN BOARD AND OFFICERS

2. Minister to appoint Commissioners of Loan Board.

It shall be lawful for the Minister, from time to time as occasion may require, to appoint three or more fit and proper persons to be the Commissioners of the Loan Board, and to nominate one of them to be the Chief Commissioner; and they shall hold office during pleasure, and exercise the duties and powers hereby conferred on them.

3. Commissioners to appoint secretary, clerks.

The Commissioners may, with the prior approval of the Minister in charge of the subject of Finance, appoint a secretary and such number of other officers as may be necessary to assist them in the execution of the duties and powers hereby conferred on them.

4. Treasurer.

The Deputy Secretary to the Treasury shall be the treasurer of the Loan Board, provided, however, that nothing herein contained shall prevent the Deputy Secretary to the Treasury being appointed a Commissioner in addition.

5. Salaries.

The Minister with the concurrence of the Minister in charge of the subject of Finance may from time to time, direct to be paid out of the Consolidated Fund to such Commissioners, secretary, clerks, and officers as aforesaid, such salaries or remuneration as to him shall appear reasonable.

MEETINGS OF LOAN BOARD

6. Meetings of Commissioners.

Meetings of the Commissioners for the despatch of business shall be held, and special meetings shall be convened at such times and with such notice to the Commissioners as shall be fixed by general rules made under section 9.

7. Chairman.

The Chief Commissioner shall be the Chairman of such meeting. In his absence it shall be competent to the Commissioners to elect one of their own body.

8. Majority to decide.

All acts whatsoever authorised or required by virtue of this Ordinance to be done by the Loan Board may and shall be done and decided by the majority of the Commissioners, such number not being less Quorum, than two. When the votes of the Commissioners present in regard to any question shall be equally divided, the Casting vote. Chairman, besides his vote as a Commissioner, shall have a casting vote.

RULES AND REGULATIONS

9. Commissioners may make rules and regulations.

It shall be lawful for the Commissioners to make such rules and regulations as they may deem expedient for any of the following purposes—

(a) for regulating the meetings and proceedings of the Commissioners;

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PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


LAW COMMISSION (AMENDMENT) ACT, NO. 19 OF 2016


VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015