Praslin Trust Fund Citation Notice, 2013 (S.I. No. 14 of 2013)

[25th February 2013] Supplement to Official Gazette S.I. 14 of 2013 PUBLIC FINANCES MANAGEMENT ACT (Act 9 of 2012) Praslin Trust Fund Notice, 2013 . In exercise of the powers conferred by section 36 read with section 44(2) of the Public Finances Management Act, the Minister responsible for Finance, Trade and Investment amend SI 41 of 1997and hereby makes the following Notice 993 1. This Notice may be cited as the Praslin Trust Fund Citation Notice2013. 2. In this Notice "Fund" means the Praslin Trust Fund; "Board" means the Board of the Fund established under paragraph 6; "Members" means the Members of the Board; "Minister" means the Minister responsible for Finance, Trade and Investment. Interpretation 3. There is hereby established a fund to be known as Establishment the Praslin Trust Fund. of the Fund 4. The objects of the Fund are to (a) provide access to resources and to invest in capacity building aimed at developing self reliance, leadership and entrepreneurial skills ofthe people ofPraslin; (1;» raise funds within Seychelles and overseas; Objects of the Fund 994 Supplement to Official Gazette [25th February 2013] (c) focus on programs affecting the Praslin community; (2) The Board shall have the power to do all things necessary for or incidental to the achievement of the objectives of the Fund. Functions of the Board 5. Function of the Board shall be to (a) submit Investment proposals to the Government; (b) administer the investments ofthe Fund; (c) approve and review investment decisions of the Fund; (d) provide yearly reports to the Minister on the administration ofthe Fund. The Board 6.( 1) The Fund shall be administered by a Board of the Fund consisting of not more than nine Members appointed by the President by notice in the Official Gazette. (2) The President shall appoint a Chairperson and Vice Chairperson amongst the Members of the Board. (3) The Members of the Board shall be appointed on such terms and conditions as determined by the President for a period of three years and shall be eligible for re-appointment for not more than 3 consecutive terms. (4) The proceedings of the Board shall not be invalidated by a reason of a vacancy among the members or a defect in the appointment of aMember. (5) The Chairperson, Vice Chairperson or a Member may [25th February 2013] Supplement to Official Gazette 995 (a) be removed from office by the President on recommendation of the Board, if theMember (i) has been absent for three consecutive meetings of the Board without the permission of the Chairperson; (ii) is otherwise unable or unfit to discharge hislher functions as aMember; (b) at any time, resign from the office by giving two months notice inwriting to the President;. 7.( 1) Where a Member of the Board or a close relative of a Member of the Board, has or intends to acquire, a direct or indirect personal interest in a matter coming up for decision by the Board, that Member shall (a) disclose such interests, as soon as possible after receiving the agenda of the meeting, or on notification of a matter being brought to the attention of the Board; and (b) not be present at or participate in the deliberations or decision-making press of the Board in relation to the agenda item or the matter in question. (2) A disclosure of interests made under this sections shall be recorded in the minutes of the meeting at which it is made or to which it relates. (3) A Member of the Board who knowingly contravenes subsection (1) shall be liable for removal from office. 8.(1) The Board shall meet at such .intervals as it may determine provided that at least six meetings shall be held in a calendar year. Disclosure of interest Proceedings of the Board 996 Supplement to Official Gazette [25th February 2013J Appointment of secretary other officers and employees Appointment of committees Moneys and assets of the funds (2) The Chairperson may by written notice convene a special meeting of the Board for any purpose specified in the notice. (3) The Chairperson shall preside at meetings of the Board and in the absent of the Chairperson the Vice Chairperson shall preside and shall have all the powers of the Chairperson. (4) The Quorum at any meeting of the Board shall be 4 members. (5) A decision of the Board shall be by simple majority of the members present and voting except that in the case of equality of votes, the Chairperson or Vice Chairperson presiding at the meeting shall have a casting vote. (6) The Board may regulate its own proceedings. 9.(1) The Board shall appoint a Secretary who shall be responsible for the functions of the Fund. (2) The Board shall appoint such other officers or employees asmay be necessary. (3) The employment of the Secretary, officers or other employees shall be subject to the same terms and conditions of employment in the pulolic service. 10. The Board may appoint such committees as may be necessary, on terms and conditions as the Board think fit, for the efficient overnance of the investment portfolio and preservation of the assets ofthe Fund. 11. The Fuind shall consist of any (a) monies lawfully received to the Fund; (b) monies lawfully accruing to the Fund; [25th February 2013] Supplement to Official Gazette 997 (c) monies raised from public activities organised with the approval the Board. 12.( I) The Board shall open and maintain an account with the Central Bank and all monies of the fund shall be paid with the account. (2) Any withdrawal of monies from the bank account !. .11require the signature of at least two Members approved by the Board. (3) Monies of the Fund not immediately required for purposes ofthe Fund may be invested. 13. (a) The Financial year shall end on the 31st of December; (b) The Board shall maintain proper accounts and other records and shall prepare in respect of each financial year a statement of accounts; (c) The accounts of the Board shall be audited under article 158ofthe Constitution. MADE this 21st day of February, 2013. PIERRE LAPORTE MINISTRY OF FINANCE, TRADE AND INVESTMENT Bank accounts Accounts records and audit