Minerals Development Fund of Namibia Act, 1996 (No. 19 of 1996)

4. M an agcrnen t o f Fu nd ~, G ~ ll ' r:11 pOW ~I' ': or BO<l d

6. Constitution of Goard and periruls (If ollicc and condi tions of service of mem- ber s.

7. Vacuricn of om, es by members uf Board ~. Chairperson and vice-chairperson 0 Board

9. Oat h hy members 0 1 Hoard

10. PI ~:-;t: rvJl l i l H1 n l" ~ ~fc . y II tl ly oi III nub rx or B oar It tied;" int r'.; t in conunc ts o f Fund ") Pcrlorming . f adrni11 i:-. rut ive work of Boar 1and admi nistration of f und ]3. Connuiuccs

14. Estahli shment or co-ordi nati ng unit 1:1. A pj11k :ll i lll :-i f il l'. :11 11 1 i 1 \pk ll1 ~ l l l;tl i L)n 1[1 I .ulmiui: lllJ l ill ll nr, Inl lrl:>. Il l' f.l l':tlllS

16. Mcct in;::;s alld decision: or Board

17. Rules by Boar I

18. B anking uccoun I V. Finunciul year. bookkeeping and auditing , r honks and acco Hlt~ O. Armtrnl I"t::pm 2 l . Inc.k nm lly

22. Submission of mmtcrs by B C.\iII'J I tl Minister "or dec is ioi "' Exempnons

24. I .iqll ida iL':l1l of l-und 2.~ . Sh ort titt · DE IT E En by lhe Pnrliu m ' Ill of thl:' Re] ublic 0 , Tan ibia, ;L"': tol- 10 \\':-; :- Odi llitions

1. In lhis Ac t. unless the com xt indicate» otherwise .. "Board" means the M inerals [ v lopme H Fun I Control Hoard .stabtis cd by se lin n ..: Go vcrnmcut nzcuc 15 A ugll ~1 199 o '"UND ,. rl" menu: [II Miru-rnls 1 iv I r II 111 111 Fu nd ( Illm 0 Ij "min lui" men u: mine • I • ~ d In ill . \;ctl on in l\le! s - ( b' n rrc icus In : at "mil iJlg se I O' ~ m n: nune I ii in eciicn I ( Ill II)' in 01v . .. In ;' . rnm mg p I: J d .. , ' SUPI Or! pr 't1l pc 11 Ii ' UII II ludcd I n I MIlich I ill the E ro n 8.: in mic ommuuv h s granted 11) Ihe: R puhf of ,U tlhiu Jf - 0 000 E ' 10 he parrl, b ll . ill [ rills ol"loan n reemenrs "':. Ii, islry. t I the mining 'e 'to r III accord an ce wit h II pml r'oliu i leu in Ih:11 "g rer m~ lI l : b so lent, incrudm u interest thereon, ~hLlII In 1 I'm" o( r ai d in to a rev olv ing rund main t: incd b the Go - J t" m ans the ~'fin raIl( (Prosp Cling anti M iningj A c), 1992 ct M ine a ls c... clop mcn t Fu nd of ' nmibia The i) her by srablishcd II juristic person t J be. known as th ~ Min lit 'lind r .unihia. (_ 'I Fund ShOl l I ccusis (') 1· 4 Governmem Gazette 15 August 1996 1'\0. I - R6 Act :-.10" 19, 19% M INEUALS DEV EL OPl\lENT FU J) OF NAMliHA ACt: 19% ( ll :II1Y IrIIH1(:y :-:, im:luding i utcrc x], rec . j vet! bv m eans or. or i I res pect ol ', the repayment of money lent il te rms o f the Sysm in Agreement to tI ~ nu nmg sec or; h) rno ncy- , inc ludi ng inte res t. rec ei ved by means o f, 0 1 in rc, peel o f, lhc repa~r'1 n ~111 o f any 101m gmntcd from the Fund ill terms orsection 5(;.1 ); (el interest de rived from the investment of moneys sranding to the cred it f the fu nd; (d) mon eys approp riated b) Parliament fn purpnsc !o\ nf t I\(: Fund and paid for the benefit of the Fund at such times and in such manner as the Minister may dete rmine; (e) moneys accruinz to the h Jl1u from any other source , mc lud ing moneys donated lor tile benefit 0 the l-und. O hj et' t ~ of F u nrl 3, (J Tile obj ects o f the Fund shall, through f nanc ing hy W,ly of 1(" 1IIt:, £ 1':!1ll.' and other ass isrnuce. be - fa ) It) safeguard rhc prorlnction and (::oni ng pll w,~r or lh c m ini ng ...ec to r: (h to broac ell, t il l' )ugl1 d i vers ifi cat ion and horizo nta] 'lncl vert ic nl i ntcg ru- l ion, the production base of I 'c mining .' e CIOr into 111(" national ~ C O ll 0111y ~ (i i mp '(\v ing t il t nnlional geolog;1cal. geop hysiccl a id miner; I data b. sc: and Manage men t of F un d

4. ' I he Pund xhu!l be ma naged by a honrc In be known as the Minerals D evelopment ~n nd Control Hoard, whic h s hfl ll exerc ise the pnwt:r. and pe rform the d u l i cx u rn l lune fiunx t: m l ur rc I or inl Jlo;-,ed Il po n til(; Bo:u·d hy II ·sA"1. G ener a l po wers of Board

5. For Ihe purposes o f achieving Ihe obje 'I:': of the Fund . the Board shal l hnve power - (a) to ,:';r:lIII. ou npp lic ation i atk to it in terms of section 15 and 011 suc h c o nd it ions 'I~ 111;1_ b... d ete rm ined b y t he Boa rd, lo a n s to the lin ill <; secto r upon security of the r Ot'i~ilge over immov able Pl'OP 1'1.1.' notarial bond OWl' rnovenbl e property guuranree by any bunkin g or money- lend- ing mstitutlon or nny other securi y as may I c ch:: tl:1mined by the Hoard ; Go\' 'I runc ul G a.w llt' 15 1E rr r , l! ~.l(1 l) I un ' t'. II "I P i .rtion II :Idl~ II \ i ll in t 'U1 ~ (M'el io n I , am i (Il ' such ' (l n~ itio« . ,- uiay b.. ,It:,T1 11ill ' d by Ih ' n, mod. graut. t 1l11' minil'" sc tor: gu mille, un 1'1\ lit , r II i ll U ard: d 10 pr II Funcl III (e) 'ilh the ac iiviri :-. of JI ll , ih obj t o il ~ l-un d ; condirions as may • appro cd hy nmt . . I I don lion nn 0 ' e lV U I1 ~ In Ill':)' :; , 11"l : l"c d II h r\l i. di. po. . of llmster, im- j) III ~ ,a a b l i~h 1 ' <:Cf \ ' fu n s for su I md I de pl : il il an y uch rcsctv Board may (Jele n In : (k l to cute r iru i1 "rCCllk lll s with a ll Y per, on u nil 1I ·1t -oll d i ion the 110 M (1 .. ul '1", 11 per L IIl Jy :I £I"C ' ; ( I) 10 ay <til expe nses inco, ncction wi th it~ e I. bli hi ut and admiu : I • (Ion: (Ill) tn III Vt ~s l i t~a l [' or d :11\ ith or , :III St: 10 . i ll !<li :]1 ~d I I any ma tt .r mlaling It the bj(,;C.I ~ of th h i .'r l h ~ po w ' runelions of III • B ~an.l : J ul n to excr isc ,11\ other p(n er conf -rrcd upon II • Fund 0 1' he B J UII d r any other pmvision o tlus Act 0 1 ti ll )' Ulh ' I '.1\' .. 1 d m.I) . gcn 1,111. _ 6 d ll nnythin lhlll i.' II .C '.-sa'j (0 ' I lit IH: i\' ~ I obj 't;I." f HI[' 1:1Il cJ ani Il l' ~ X '1 'j I: or r 1i t:.~ alld III 'I i~ 1I ~ I' th ' Bo ard , wh the c:q res.; \] meru i nc 111 thi ecnon, 'on t ruli on 0 1' Uo I rll nu l fW I iOft~ lit' II Iii.: ' 111111 IH 111 - hers Ii. J) Th Board sh II COn ist 0 S ven mem r ppointed y the: 11 i '" ( whl. m Ih ) I ll ' shall be i\ ~ [ : l lrmc tn hc l' ;11 111 ' r,.JlIlh ll'}' 1' J'1l unce '" unrue tl ~ ,\ Iini ucr r 1'l1nncc: c ) uuc ~h ..IJ be u Pt: I ," Oll llO lll i llltt~ d m w rjl i ll :': \ [II L I lII a Ia ~ <.I) nl1L' ~ 1 1l 1l 1 1' a p :1', t. n who ill Ihr,; opiru n r the 111 ister repres nt.-:: th il l l' r~.' l S ~ r l:l', ens mvolved III ~ m . 11 1 ~c ;l ll' I li ll in, 01' nuo ns : 11 ho i: not , I mcmbc: 'J ~ the C humhe: Ill ' Iin...x of Nami biu or f . 111 • it' 'l r 111111Ite e .: ~. 0 11 'all a per on "PI> inted on accoun t of his or h r rnanazerial ~. il L, .md S 'I'l l nowledge 0 and xperience in, the mining indus I I II ' l U rbla: and ") nc ~ h. dl " P >~ On nominated in writing by Had, unions (21 J 1 i\.'1 1111 S1 'l" l1l,l~ . .u the request of ie Board. ilPPOI H t .. every II ml r r ttl ' B~), I ..d, (Ill such conditions am! r~) l su ch perrod .l~ m • b J ere mined by I im II her, lin ilte li lli e 111 n 1"; ill the , nmc I H11111 I 11 'II II member to ne t a.~:I 11 ultcr n.uc Iorxuch mumher h1l"l n ~ lilt' : lh~(~IIC ' • .'lJ '11 Il nnh r or hi" or her inab ility 10 :1('1, wh 'I CI' as 111 ' mbcr 0 ' ht" 0:1:1 d • ,I comm ittee 0 1" I he Ho rd, ion. 0 subsccu o» 6) f ilus ~;t:d ion lllUJ xec t: 1Il~ • I), 10 "0 " t II ~ 1111 :tpI J muta tis tIIl lwnt!h ill r luri on 10 an .iltcrua tc III emh I up p int 'd lind ' I' r:lI11£ra p (a , fI1{"1I f the National t\~r.l· mb t . Thc l a1iolla1Council. Of a RCa " :on. 4u:dlll d l', r a; pi mtmcut .1:;. or to he, a membe r 01" 1 Ct - Md , I I' u II PP"~ 1.J ' " 11 r r ' /1 :cl 10 i a m r lll r i l ( l ( .~ lJ h· .. ti 1 r :111. II 'Wal . Inl .l lll " l1Il :r ~ 1 al pt l i ll l c d .l h l~ l illisll'l ~l l i l l 11\ writuu r qu st rhe IT a 11 ' Miue.. subunt t hill o r II r wit \111 ~' O .. .. J fl~1 th.: dale- Il ( the reqt eS the name \If ~I I erson w ho til ill- 7 I ,t I ' I I 5 of th of the Board be eli gibl e n in lh ~ pI" c d (i be '(Hided 0 v II .1 e l f r u rpo. s 0 • 111m in terms of 111 n-making f th Bl ani r lily { 1 eli n t til s se lion and . ccti 11 . 7, , IU il 111 relation 10 1I Pl: l:0I1 co- pt d • c tion tonr d III . Ht nrd . 11111 \'II 'U c his OJ" 11 ' r on'i t: - 1:-. III " II II '<1 ; b r I w I rain d ns a 111CIllillly ill I rsc n: I ol nny I lie . lin I semen It lIUpl i. onm 1 I rn ltll ' : rc m ih 'C COli C ' uti" I tin ' - (rovunmCll t Gazelle 1:J Aug ust I ~)~ (j No. IJ ~() :VU NERALS DE V ELOl~M ENT F )) OF l\'AM lB l .'\C 1: ]9 % (c) if lie or she , by \~Ti j i ll g IHICk r hili or her hund add 'es~ed and delive red to [he: M ill istel·. rc.i sn ~ as I icm icr of the Board: (f) if he or she I eco rnes di squal ifi ed to be a me mber l ' rhc !3O,Hd : 0 1 (g ; r he or 'he is removed from 0 Tice in terms of subsection (2). {_ T he Mimst r may remove any member of the Board from his or he r office )l1 rhe ground of incapacity or nusconduct or, if such member has contra ry to he pr o vis io ns o f secti o n 10, d ivu lge d a ny ma tte r which has been en tru sted to him or her under sec recy OJ' has taken part in Ihe dixcusvion of. or has vo ted i ll c onncc tinu with. (Illy matter referred to iu that section. (\) Any caxuul Vile a l c.y in he Board cause by Il l': dcath of any tn .mbcr of the Beard, or the remo val lrom, or vacun on of. office or any such member sha ll. WlI !J due regard to the provtsrons of sec Ii011 () I . he fi lled for [ 1C une xpired POlO rinn or- ,he per iod of nrlic L:; r I he meml c . who ha ,~ ,Ii,·d or 1 1;l,~ h cc n I nnoved l ro m , nr 1111$ vacated. hi!\ or he offic ,. a", I' C C lSC may be. Cbnir pe rson and vice-chai r persou of Don I"(J H. Th ~ Mini ste r sh.1 11 rk~13 nJl t ~ :1 mc m rer or I lJ( ~ B O ll 'd who hnx hccn :lpptl ln ll:d ill ~rr l1~ ni" p<lI<'gnlph ,I of sec ion 6 l ) a ~ chairperson 01· the Roa rd. {2 The n)Ctli b(' J'~ of I h Board shal ] elect fr om among tl cir number 011(; ie rnber a:-. lh • vu-e-c ha ir person or l !J ~ Boa rd. '1 When llw chuirp irson of the Board is absent or unable to perform hi. or t cr I"u ic tions ax cha irperson of the Board , the vice-chairperson shall 't .:'[ as cluur- person, '.l11 U [he vice chairperson shall while so ling have all the 130\\ ,'1', a. d I perf orm all I he d uties and func tions of l ilt: c hairpe rson, Oa th h v mcrnh crs uf BUlIr-r!

9. ( 1 Every nember M the Board sl ••11 . before assu ming his Of her du-. tics. make. and subscribe before 4l co muu ssioner of oaths an oath in the .o llow ing ron 1: "I. Arl. :1 lIIt:lIlhl·r/ nll,· r a lt: In ·mh,~,,/cCl.n pkd memb er of th· Mi ne r;'I... De - vc lopmc m fun d C Olli ro l Board (0 he reby swear Ihal I wiII perfor m t be du- tie... ofm y office co nsc ientiously and ro rhc bes t of my ability and that I will not ommun.carc or di vulge direct y or indirectly a ll 111<1. ters wln ' Ii arc en tru sted to me under se .rec.. SO hel p me God." ? A m.:l1lIH:r nl" 1111: HLlHrd l a y, i 11 Iien o f' :m oat ,I mkc n d suhxu 'jl ·:1 solemn aff iruuui on in rhe rorrct> ondinu form . Preservatlou or secrec ' o. l At6 ovcrnmcut Gaze te 9 ,\ l' f ~(, . 14) . I')'). tI is I qui ' h. . m, ot'. hi.. 1 4 r :rny til r 1:1\. r rs c urrcd b . an ord ' OU IL ', (I ) 1:- \ I II ill (i the Board: or the nist r w 0 rna rant sue rmissron I I sp I l' any matter whi h In his or h r opiruor IS 0 ene: t n.u ui .\IId 11),1 du I sed in I puhli int I. he 111 sh mply w;1 1 II pro I ' IOIIS I' an II" nee mJ II C nvi cri n liable to ~l fi n ~' prisonm 1 l ·0 1' I nod not e. c 'l' d m8 1_ month» b i lpn ' In • e nt. U 0 rnh . 0 Boa rd to dc cl« • int -res t in contrac . 0 F un d

11. ( clarari n ~1 1L~ ~ h ' ~I memb er of rhe Beard I clares an imc est :l In . uh:- ' I I II 1 ~ h i II recorded in the minurcs or'the meeting ( i 'I I huh I l.!till iO ll I ~ mad ' , rnn n '. n III lh i 't n ti\' \ nr lluurt a HI . drniuist ti n f' ' und the p~rf rmance of the u mini urative w k of paid r III til I·und. ' um m itU' 13. 1) 1 1c Board l' in if 3 It ell rs C I iu chili! . on 4) Ir e 11 , nxu, (;:1 III I I " 'III ' b .1 l ' 01 H in ' the mail er 'hllll h · I ~'lT 'd 0 tne ltd. ~ U hllshm I (til . -urdim tin' u it I • ( I) . e t' l vo 1 I me r No. 1386 G U\ crnm ' 1)( Gaze tte 15 A ugu I 11) ')6 II Act ~u. 19, ]! 1 ~(1 r.. l\EHALS 0 ~ ELOPi\H,:. T F :NO OF ~ . \ofTBl r\ ,\ T. 1996 (2 The functions of the co-ord inating unit zfcrrcd I n III subsccuo n I hall be · fa) to ~ iquirc iruc and e valu te the techn ical and financial meri tx of any applic.uion for .. loan ell' gr. nt mad I the 130llrd for consi terarion and 10 rna ' C reco mmendations LO the Board : h) II! Hssi:'\1 Ill ' Bonrd ill e x -rr.; ising c untru ] uv T the iruplc mu uat io u an d ut ili7ation o f <my loan or ,gnmt mad ~ under this A I: ( c) to perform any 0 1her fu nct ion a:-:sjgnt'd \0 i by the Minister or the Board . pp lic tlo ns for, uud lm plem n tati on und ad ministrutio n of, loa ns or 'nU1( S l ~. (I) An applica tion for a loan r gran t ferred 10 in S '.c lio ll 5(a) or (b sha ll be made. to the Board in such form as may b determined by til Board. (2) An application referred lOin subsection (1) - (a) shall conta in - (i) in the case of a natural person the full names. );ttiol141l iIY, date or bin h, postal and residential address of such person: (;i \ in 11m t:a ~ '( t ;, • mpany, the name of :u- 11 company, parti ' 1 11H r,~ or" irs inc orp oratio n und reg ismn ion a~ a co mpany, h reuisicrcd address <t no pn n ' j pal place or bus: ness o· such com pany in Namibia Elnu the.nam '5 , n l llmi malit ' or the drrectors of the com- pall Y: l'IlId ( ) . 11:11 1co la in parti culnrs 01' - i) the mining 01' rations carried n by such person : (i i) any mineral or 11 group (I mi neral s mined hy such pCI~on ; f iii [111,Ii eric 's ixxue tl ITI ic u us o f the M ineru ]:... A ct (} I uny law rc- pealed hy tlun A c l held b • such person alone orjo intly \ ith any Hh t!l' 1 SOll : . no rh') any prcs pecting operati ons ,mJ mi nin g ope rat ions carried on by sn ch pcr 11 alu ut.: 01 j oin tly wi th allY 0 1hl:1person within Narnihia: (c) shall contain detailed particulars of the purposes or project or pro gramm ' for which the loan r g l'<:I 11 is I'C nil' d: (J ) ~hil" cou un n such ot her i" r! ur uu iuu ux m ay be s pt:t,; ifit:u U. the Smu ll which 1he B oard i ll i LS d iscrc tirn: deem ne .essll r y for pll rpl).~ e s 0 con- silkr'ir'3 ,o.; 1I,·h app licarion. ~ I . ' n. l'J. I ' ~!J6 .'1 llcution '\' ~ red It in xu ,....·c j n I I 'Iw l ] I • I'l l ni 1 1 HI hrough Ih • Pcrnu n nt , C ' wry for l h~ wlt'llti n r uic c . 'lIi • i I~ unit (5l 'Ih H : r I ..h:dl not rnm an plication re rred I sub ction ( I). 11 1 · · I I I' .~ atl l\ j l ~J ;,) Ih:ll 111 11 : 11 ' • I 1, pl. nuon r 1- I 'mati" md ondltl n ~ \\IHCh ' l ' I \ Il ] hilt II 1 I -1.1 ~ \\ iI conm Ill: ro , \ ,u ,. tIl, l)' 1':1' vinhle ncw .. " . (ii) til it (iii, v~ \ I pn lit of supportin intrasuucture 10 vance: III • ceo nne I •• iii ~ o n~ mining r min ml pr 'C~ ing \~ l lUI , ( VI ~ ' mi ll n~ a I 'omotion or private invest: 'n l j; the m i I l l " . to • 'i l \1' cncour.igcn -n of greu er I l ll ka~~ 01 uuuc: nnrl min rnl proc ~, in" facililit:... wi th orh '[ 1'1 ducti vc sectors o f t h ~ e ' U ll m ; viii) til devel pment ort ,e national 'l:ologic"ll. gcophysical arul min " : I J..l . bas- through acquisition of new g~ oJ o~i "al, gc physicnl an I mi n~"d oc .urrene durn: L I l ' d ",tc JOIJIl I . 1 of tn' ining r': 1:[l i1h;, und pro~·' n tf nn t ..~ tu pro ide -; !ttnbty skilled Namibian d l il.C'lI · rQI gainful I l ] loy incnt in t I ' ltlinill scctor; (.\ c n, lall l rc: C;)I"Ch nd d "ell prne nt Ill1lJ l1Jkcu b in "ri unons ~- h~cl 'd I'p, 111111 1'1lIPO~ ~ 10 tk rlll the I sl lJt: 11I • lil l ~ f .ut a LI ;'Jo. 1:1. G I: lItl icrtnke ,hl~ 1lt'''L'~ . •Ir)' I :-. jl l 'II 11 1 I cJ · rl vntion. dived i,'; lim and l'x l :Ill ic I f I I ri cs: 111 'uh Ie} III d C·II·t"ln ill111}' \11 ' 14 :rms IUlll ' ) dili fI sc . ion 5(11 l, lhc Hoard . hnll 'I su • lhal ~l " It Inan a a co n term n 1 lin' the I r lllJbility :mu ris . of ea h pro' I . (7 ' Ill UCI" I'd J ,,11 ex I'C I~~ I; ntrol 0 \' I III implement tion and I tilization \ I:JIl I ); II I' [ ~ J ,1I11 1l111l 1' n l ler lhi!\ A '1 hy • (: (b) Cl nyin th , Board In y d II) fil. in n y del rmi ed by the Boa d. ~I f' ' I n"s and decl lOll S Ill' Ih ilrd I ,. I I TIL ' oa 'd ha lll l'~" 1 al l'·.a ~ t (oLir liu ll' s in e very y~;n al ~ IJ ' II till " • I I lac S :1" l b ~ ,h:,ill crxou of the Homil may dere mine Tl huirpe . .on of h B an! ( II; 111 h•. or her abscnc , uic vice- hmrper- II•. h,llI r . ld ; : \ th 111 ' tings th ;T('o t", und i t' both the chairp rxou :trld Ihe vi -; ; l:1Il . ( II : ~ .111 . 'III . 111, or for all . other reason lTIIHblt: to p r 'sitk. at :lIlY 111 'd ing II ll ~l t, Ii - ·n l 11<111 el ·t on ilOl among their IlU nb r lO act .... ~ c hain; .rs II ' th' n r the lIt:lj lily t [II" Im:lulX;I." of the Ilomd prese nt :11 ;.1 ~ci -i n l 11 titute a dt' .isiun of II c Honn], and, in (ft ' e vent n :411 .qnnl- ' I " I '01 il~ of v I ~ rclati z: II) :11. matter, the III mbe r presiding at the meet ing shall (IV' a '·1 Gove rn ment Gazcuc 15 Angus: 19% 4.."1. Nu. l' . l ~% i\ Il Nlm A L S UEVELOP;\,lENT I"UND OF NAMIn I r t; 19% 7 Thl~ Board 'hall eau s~ :.J record 1/;'1 • pt otthe p 'oceed inzs at I c· meet- ings of [he Board, and the MmilJ{ r nay .. any rim require rhn such record he sub- rm ued LO him or her tor inspe . l Ull . Ru les hy Bour rl

17. The Board may make rules. not Inconsistent with the provisions of this Act, in relation H - (a) the good mql1agcnlCnt of the affairs of the Board and the effective e xecu - lion 11f it, functions: (b) the 101ding of mcenugs of the Board and commiuees of the Board: (c) the manner ill which npphcationx f)l' 101m:,; . I ould be made ..md lbll l willl by (JI" on h 'hulf of the Board: (tl) in g 'Ilcnll :l11 Y mnuer which th . Board may lc I l necessary or Co .pcdi ' nl 10 pr~sl.:d l or 10 g lime in order to achieve: the aims of this Act, the: generality of this provi: ion not being limited by the preced ing para graphs, amJ may rnak • such 1111 · S in such manner a it 1 ay deem fit Uallltin~ uccuuut L8. The nard xhn I Dllen and mniutnin a bnnkin account in the name of the Pllnd WIlli .m ' 1J!lllbl1g insntutinn or lmi lding iL'ly n;gj s rcn~d under the laws govo ing hanking inv innions ti lt I building ocicties in I arnibia - (J HUO which 'hull be deposited . II monej s re eived for the bcacfu of I e Fund; ami () from which shal ~ be iuadc all pay m nus re quired to be made ill I ' n ns orI lis A cr, (1 No payments shall be made from LIly a ' L:O U l ct crrcd to in snbscction ( 1). c:;(c('p£on authority Il l" Ill ' Board or a pcrxon or pt.:rso lls d l:Sl flll !llc d for such purpos.c b. till' Board. ' i mmci ~l l J a r, bookkeeping and aUditing of hook. and account"

19. (I The FiIlBIl 'ill l Y~:;l r of the P UI d shall end 0 11 "' 1 March ill euch y " r. (2) TI Beard shall (11) keep such ccounr book. ;].~ nre necessary [0 represent fairly the rate o f atf"air.'\ and Im lllnc . :.. of the l-u nd and to expnn [he ran": ctio ns and nuui - ciul po vitio» of l h~ hns in sss uf the Fund; o. 1 3 ~G (b) _) '111e I OQk~, CC IIIIS I d halanc sheets f h Fund sh II dued ) I Uth tol -( lcnel oi l nnua l r 'pUJ1 O. I I h lJ l(d ' h~\ ll .1~ · n a~ p :,';jbJ~ utte the t:n J til lit t I tcr than urn • lIlulI~ h ). 1ft r It c end I ~ II l lll.n ~ h I ~Lll. I '~I iiu(; i l • 'I i vII j~:~ L1 1ru n: thnr l UI nci I 't. r . ' ion, \ itliin dernn l .

1. A memberof the Board or ny staff member o r ("IL."'I ,"\ Il I efen ~'d 10 h I sc "- rlon J_ r I 11:,11 1101 be liable in r ~ I I of nnything one bonafide under I 1i.. d . ~' ul m i 011 arm th.' , h) oard to Min i uer lo r dcclsion I ) The 11 , j,~t 'r I m ~ quire til B oaro [ 0 ~\l bmj l 10 l ina 01 !t e l lo i: i, II' I 1II:1lkr rc ring ( 0 lil t: po\ CI S of the Bourd , a nd the Board !l UI)' t' irs W II II su 11I'1 " lIy ma C ro lit ' I luu ste r tor de I ion, 10 regard 10 an . matter ubu uucd \ the Ministc i ll tenus of ~11b~ ~ ',ilm \ . , th~ . hni tcr ' I) _IUlII ~j\. ~ lis or her deci: ion 1" er consuhation with I h ~ B\ I II I: I tul th I' in p:ut iculi I~ de ermm ' S\I "h conditions as llC or '1:- on gl en cr ' JJ Ii lion detcrmiucd : hall ] ",Ill pllqm., ~~ I . deeme, I l .-a l ' C-, i I ~i en or iti n termln.. h Ih~ BO:\IJ , und tH such I.h:c hiollll conditio II y be ' ir!l ILl n I II uulc I y I t: III ani ;1;,' pi with III . ap pln v~ " or' the lini ·ter_ em pti ns I I 'ulllA 4. -h.ill"e II i \,' I I ' inll i.:u ' II I ~ .r . 1Il)' I: IW iull ~ I uyubl . 11)' the FUJI(l 16 - - --- - -G - - - - - - - _. . .: . _ - - - - - - - - - (2 !J. Ll f1 '. 11 III -y:- shul] lx· pnynblc in e~:l of tl L' Ir, I sfer .If til - I I -,'S I ·f ·1I 'd l ) III .uo u ; h I.icjllid Ii Il IJ " uut! p' by or un l 'r rhe nu IIm il. :\1 1 CI , ' h( rt filii' 19