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<\/a>CHAPTER 401 [PRINCIPAL LEGISLATION]\n<\/p>\n ARRANGEMENT OF SECTIONS\n<\/p>\n Section<\/i>\n<\/p>\n Title\n<\/p>\n 1.<\/a> Short title.\n<\/p>\n 2.<\/a> Interpretation.\n<\/p>\n 3.<\/a> Establishment of Fund.\n<\/p>\n 4.<\/a> Objects of the Fund.\n<\/p>\n 5.<\/a> Financial sources of Fund.\n<\/p>\n 6.<\/a> Establishment of Board of Trustees.\n<\/p>\n 7.<\/a> Composition of the Board.\n<\/p>\n 8.<\/a> Functions of the Board.\n<\/p>\n 9.<\/a> Management team and Executive Director.\n<\/p>\n 10.<\/a> Financial year of the Fund.\n<\/p>\n 11.<\/a> Accounts and audit.\n<\/p>\n 12.<\/a> Fund exempted from taxes.\n<\/p>\n 13.<\/a> Regulations.\n<\/p>\n \n SCHEDULE\n<\/p>\n CHAPTER 401 An Act to provide for the establishment of the Agricultural Inputs Trust Fund, the management of such Fund and for related matters.<\/b>\n<\/p>\n [1st January, 1998] Act No. 9 of 1994\n<\/p>\n <\/a>1. Short title\n<\/p>\n This Act may be cited as the Agricultural Inputs Trust Fund Act.\n<\/p>\n <\/a>2. Interpretation\n<\/p>\n In this Act, unless the context otherwise requires–\n<\/p>\n “agricultural inputs”<\/b> includes agricultural fertilizers, certified seeds, agrochemicals, drugs and chemicals for livestock, and gears necessary for the application of such drugs, chemicals and agro-chemicals and farm implements suitable for small holder farmers;\n<\/p>\n “Bank”<\/b> means the bank designated by the Board to operate an account for the Fund;\n<\/p>\n “Board”<\/b> means the Board of Trustees of the Fund established by section 6 of this Act;\n<\/p>\n “Fund”<\/b> means the Agricultural Inputs Trust Fund established under section 3;\n<\/p>\n “Minister”<\/b> means the Minister responsible for agriculture.\n<\/p>\n <\/a>3. Establishment of Fund\n<\/p>\n There is hereby established a revolving fund to be known as the Agricultural Inputs Trust Fund which shall be under the management and control of the Board.\n<\/p>\n {mprestriction ids=”1,2,3″}<\/p>\n <\/a>4. Objects of the Fund\n<\/p>\n The objects for which the Fund is established shall be–\n<\/p>\n (a) to make available loans, on such terms and conditions as the Board may determine finances for importation and distribution of agricultural inputs;\n<\/p>\n (b) to finance consultancy services or any technical assistance in relation to acquisition, distribution and use of agricultural inputs;\n<\/p>\n (c) to pay for the costs of administering the Fund.\n<\/p>\n <\/a>5. Financial sources of Fund\n<\/p>\n (1) The financial sources of the Fund shall consist of–\n<\/p>\n (a) such sums of money as may be voted to it by Parliament;\n<\/p>\n (b) such sums of money as may accrue to it by way of voluntary contributions or grants from individuals, international institutions and other organisations;\n<\/p>\n (c) interest paid on the borrowed funds;\n<\/p>\n (d) any other source as shall be determined by the Board from time to time and approved by the Minister.\n<\/p>\n (2) The Board shall designate a bank in which an account of the Fund shall be maintained.\n<\/p>\n <\/a>6. Establishment of Board of Trustees\n<\/p>\n There is hereby established the Board of Trustees of the Fund which shall–\n<\/p>\n (a) be a body corporate with perpetual succession and a common seal;\n<\/p>\n (b) in its corporate name be capable of suing and being sued;\n<\/p>\n (c) be capable of holding, acquiring and disposing of property; and\n<\/p>\n (d) subject to the provisions of this Act, have power to do such things and enter into such transactions which in its opinion is calculated to further its objectives or facilitate the discharge of its functions or otherwise is incidental or conductive thereto.\n<\/p>\n <\/a>7. Composition of the Board\n<\/p>\n (1) The Board shall be composed of–\n<\/p>\n (a) the Chairman who shall be appointed by the President;\n<\/p>\n (b) not less than six and not more than ten other members to be appointed by the Minister.\n<\/p>\n (2) The Board may co-opt such other persons as it may deem necessary or desirable for the purpose of securing the efficient and effective discharge of its functions under this Act but such co-opted members shall not be entitled to vote.\n<\/p>\n (3) The provisions of the Schedule to this Act shall have effect as to the tenure of office of its members, termination of office, proceedings of the board and other matters in relation to the Board and its members.\n<\/p>\n <\/a>8. Functions of the Board\n<\/p>\n The functions of the Board shall be–\n<\/p>\n (a) to advise the Minister on the policy of the Fund and oversee its implementation;\n<\/p>\n (b) to establish the national demand for agricultural inputs and determine the cost thereof;\n<\/p>\n (c) to appraise the Minister from time to time on the country’s stock position with respect of agricultural inputs and the availability of funds for their acquisition;\n<\/p>\n (d) to ensure the availability of funds to finance the procurement and distribution of the agricultural inputs;\n<\/p>\n (e) to monitor timely delivery, distribution and storage of agricultural inputs;\n<\/p>\n (f) to maintain and apply the finances of the Fund in accordance with sound financial principles;\n<\/p>\n (g) to grant loans on sound principles, and in particular with regard to ensuring timely recovery of the principal sum and any interest payable on any loan;\n<\/p>\n (h) to co-operate with relevant institutions or authorities responsible for monitoring and enforcing standards or quality of products in order to ensure that agricultural inputs imported on loans from the Fund are of the acceptable standard or quality.\n<\/p>\n <\/a>9. Management team and Executive Director\n<\/p>\n (1) There shall be a management team of the Fund which shall be responsible to the Board for the day to day management of the Fund.\n<\/p>\n (2) The Management team shall consist of–\n<\/p>\n (a) the Executive Director to be appointed by the Minister upon the recommendation of the Board, who shall be the chief executive of the Fund, head of the management team and Secretary to the Board;\n<\/p>\n (b) such other officers to be appointed by the Board in such numbers as the Minister may approve.\n<\/p>\n <\/a>10. Financial year of the Fund\n<\/p>\n The financial year of the Fund shall be the same as the financial year of the Government.\n<\/p>\n <\/a>11. Accounts and audit\n<\/p>\n (1) The Board shall cause to be kept and maintained books of accounts in relation to the transactions of the Fund in accordance with acceptable accounting standards.\n<\/p>\n (2) The books of accounts of the Fund shall be audited by the Controller and Auditor-General at the end of each financial year.\n<\/p>\n (3) The Board shall, not later than four months after the end of each financial year submit to the Minister the audited accounts and an annual report on the management of the Fund in respect of that year.\n<\/p>\n (4) The Minister shall as soon as practicable and in any case not later than four months after receipts from the Board, lay before the National Assembly the annual report and the auditor’s report of the accounts of the Fund.\n<\/p>\n
AGRICULTURAL INPUTS TRUST FUND ACT<\/b>\n<\/p>\n
AGRICULTURAL INPUTS TRUST FUND ACT<\/b>\n<\/p>\n
[G.N. No. 783 of 1997]\n<\/p>\n