African War Memorial Fund Act, 1954 (Chapter 178)
Zambia
African War Memorial Fund Act, 1954
Chapter 178
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Commenced on 14 December 1954
- [This is the version of this document at 31 December 1996.]
This Act may be cited as the African War Memorial Fund Act. In this Act, unless the context otherwise requires—"the Board" means the African War Memorial Fund Board of Trustees established under section three;"the Fund" means the African War Memorial Fund. The Board may, with the approval of the Minister, by statutory instrument, make rules for regulating the proceedings of the Board.[As amended by S.I. No. 53 of 1965] The Board may take such steps as it considers necessary to provide for the management of any building erected on land which is vested in the Board or of any building erected with funds allocated by the Board under the provisions of this Act.[No. 18 of 1961] The Board shall have the general control and management of the Fund and for that purpose shall hold the moneys and investments forming part of the Fund and may—(a)permit the moneys referred to to remain in the present state of investment or at its absolute discretion sell, call in or convert into money the same or any part thereof; and(i)subject to the provisions of section eight, expend the net proceeds or any part thereof thereby produced for all or any of the purposes referred to in section eight; or(ii)invest the net moneys or any part thereof thereby produced in accordance with the provisions of section ten;(b)expend the twenty thousand kwacha previously allocated for the provision of an Old Soldiers' Home for elderly indigent African ex-servicemen on the provision of one or more such homes as may be considered desirable by the Board:Provided that, with the consent of the Minister, such allocation may be increased if the Board considers the increase necessary;(c)hold the moneys allocated for the Old Soldiers' Home in investment until such a home is required, meanwhile devoting the income thereof—(i)to meet any costs incidental to the management of buildings under section six;(ii)to the provision of bursaries under the provisions of section eight.[As amended by No. 31 of 1956, No. 18 of 1961 and S.I. No. 53 of 1965] The Board shall have absolute discretion in deciding whether, under the provisions of section eight, any person should or should not receive assistance from the Board. Any moneys liable to be invested under the terms of this Act may be invested in or upon any of the investments mentioned in the Schedule or may be placed on fixed deposit with the Standard Bank Limited or Barclays Bank D.C.O. or any other Bank operating within Zambia which may be approved by the Minister, and the Board may, from time to time at its absolute discretion, vary or transpose any such investments for or into such authorised investments.[As amended by S.I. No. 53 of 1965] All moneys and investments, from time to time forming part of the Fund, shall be held and invested in the name of the Board. The Board shall have the power to appoint a secretary or clerk to assist in its work and to record the minutes of its meetings, and to pay him reasonable remuneration and expenses from the Fund, and to dismiss him if and when necessary. It shall be lawful for the secretary or clerk to make such small disbursements of cash from the Fund as may from time to time be reasonably necessary for the conduct of the business and correspondence of the Board. In case the trustees shall not be unanimous upon any matter arising in or out of the business of the Board, the decision of the majority of the trustees present and voting, in the case of a matter to be decided at any meeting or in any other case, the decision of the majority of all the trustees shall bind the dissenting minority, and the acts of the majority in execution of the powers hereby given to and reposed in the Board shall be as valid as if they had acted in such matter unanimously. The Trust Deed numbered Miscellaneous 1044 in the Registry of Lands and Deeds, under the authority of which the Fund has hitherto been administered, is hereby annulled:Provided that any act or thing validly and properly done under the provisions of the said deed shall be deemed to have been done under the provisions of this Act.1. Short title
2. Interpretation
3. Establishment of Board of Trustees
4. Constitution of Board
5. Proceedings of Board
6. Management of buildings
7. Powers and duties of Board
8. Bursaries and grants
9. Discretion of Board
10. Investment of moneys
11. Investment of funds
12. Staff and expenses
13. Opinion of majority of the trustees to be binding on the minority
14. Annulment of Trust Deed and validation of acts