KAMUZU NATIONAL FOUNDATION TRUST

CHAPTER 33:03
KAMUZU NATIONAL FOUNDATION TRUST

ARRANGEMENT OF SECTIONS

    SECTION

    1.    Short title

    2.    Interpretation

    3.    Establishment and property of Trust

    4.    Trustees of the Trust

    5.    The Trustees: appointment, tenure and meetings

    5A.    Secretary

    6.    Objects of the Trust

    7.    Powers of the Trustees

    8.    Trustees’ power to use Trust income

    9.    Trustees’ power to use Trust capital

    10.    Exemptions from taxation

49 of 1971
9 of 1986

    An Act to provide for the establishment of a fund entitled the Kamuzu National Foundation Trust; to provide for the appointment of Trustees thereof and for the vesting of the property constituting such fund in such Trustees; to provide for the incorporation of such Trustees as a body corporate under the name, the Trustees of the Kamuzu National Foundation Trust; to provide for the terms and conditions of the trusts under which such fund shall be held and administered by such Trustees; and further to provide for matters incidental to or connected with the forgoing

1.    Short title

    This Act may be cited as the Kamuzu National Foundation Trust Act.

2.    Interpretation

    In. this Act unless the context otherwise requires—

    “alternate Trustee” means an alternate Trustee appointed in accordance with section 5 (2);

    “objects” means the objects of the Trust declared by section 6;

    “Trust” means the fund known as the Kamuzu National Foundation Trust established by section 3;

    “Trust capital” means such moneys as are transferred to and vested in the Trustees for the purposes of the Trust by virtue of section 11, together with all moneys or other property, real or personal, received by the Trustees in their capacity as such, whether by gift, devise or bequest, or purchased or otherwise acquired by, or vested in, the Trustees for the benefit of the Trust, other than Trust income not accumulated;

    “Trust income” means any interest, rents, dividends or other annual or periodic earnings from the investment or use of the Trust capital;

    “Trustee” means a Trustee appointed in accordance with section 5 (1);

    “the Trustees” means the Trustees of the Kamuzu National Foundation Trust constituted and incorporated pursuant to section 4.

3.    Establishment and property of Trust

    (1) There is hereby established a fund to be known as the Kamuzu National Foundation Trust (hereinafter referred to as the “Trust”) which shall vest in, be held and administered by Trustees pursuant to this Act upon and subject to the trusts and for the advancement and furtherance of the objects in this Act hereinafter declared.

    (2) The property of the Trust shall consist of—

    (a)    such sums of money as may be paid to the Trustees for the benefit of the Trust from moneys appropriated therefor by Parliament;

    (b)    such sums of money or other property, real or personal, as may be purchased, acquired or received by, or transferred to, or vested in the Trustees, in their capacity as such, whether by way of gift, devise, bequest, purchase or otherwise howsoever;

    (c)    such sums of money or other property, real or personal as may accrue to the Trustees in the exercise of their powers under this Act;

    (d)    such sums of money or other property, real or personal, as may be transferred to the Trustees for the benefit of the Trust by or under this or any other written law.

4.    Trustees of the Trust

    There is hereby constituted the Trustees of the Kamuzu National Foundation Trust, which shall by that name be a body corporate with perpetual succession and a common seal capable of suing and being sued and, subject to the provisions of this Act, of doing such acts and performing such deeds as a body corporate may lawfully do or perform.

5.    The Trustees

    (1) The Trustees of the Kamuzu National Foundation Trust shall be appointed by the President and shall consist of—

    (a)    one person to represent the Malawi Army;

    (b)    one person to represent the Malawi Police;

    (c)    one person to represent the Malawi Congress Party;

    (d)    one person to represent commercial and industrial interests in Malawi;

    (e)    one person to represent banking institutions in Malawi, one of whom shall be designated by the President as Chairman of the said Trustees and another of whom shall be so designated as the Vice-Chairman thereof. In the absence or incapacity of the Chairman the Vice-Chairman shall act in his stead.

    (2) The President shall, upon the appointment of a Trustee pursuant to subsection (1), appoint from the same category an alternate Trustee.

    (3) An alternate Trustee appointed pursuant to subsection (2)—

        (i)    shall act as a Trustee only when the Trustee to whom he is alternate is unable to exercise his functions as Trustee by…