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DEVELOPMENT LOANS FUND ACT.

ARRANGEMENT OF SECTIONS.

   Section

CONTINUATION AND MANAGEMENT OF THE FUND.

   1.   Interpretation.

   2.   Continuation of the fund.

   3.   Control of the fund; constitution of the board.

   4.   Meetings of the board and expenses of members.

   5.   Disqualification for membership of the board.

   6.   Appointment of agent.

FINANCIAL PROVISIONS.

   7.   The fund.

   8.   Power to borrow.

   9.   Purposes for which the fund may be applied.

   10.   Accounts and returns.

   11.   Investment of monies of the fund.

LOANS.

   12.   Purposes for which loans may be made.

   13.   Delegation of powers to agent.

   14.   Security for certain loans.

   15.   Power to require borrower to secure loan on land.

   16.   Instrument of security.

   17.   Exemption from stamp duty.

   18.   Cancellation or modification of approval of loan.

   19.   Form of application for a loan.

MISCELLANEOUS PROVISIONS.

   20.   Appointment of valuers and inspectors; inspection of designated property; offences and penalties.

   21.   Loans to members of the board.

   22.   False statements by applicants.

   23.   Exemption from liability.

   24.   Legal proceedings.

   25.   Byelaws.

 

CHAPTER 234
DEVELOPMENT LOANS FUND ACT.

Commencement: 1 November, 1967.

   An Act to provide for the continuation, the constitution of the Development Loans Fund Control Board and the management of the Development Loans Fund and for purposes incidental thereto and connected therewith.

 

CONTINUATION AND MANAGEMENT OF THE FUND.

 

1.   Interpretation.

   In this Act, unless the context otherwise requires—

   (a)   "agent" means the agent appointed under section 6;

   (b)   "applicant" means an applicant for a loan under this Act;

   (c)   "appointed member of the board" means a member who is appointed under section 3(2)(b);

   (d)   "board" means the Development Loans Fund Control Board established under section 3;

   (e)   "dead stock" includes agricultural machines and all types of vehicles whether mechanically propelled or not;

   (f)   "fund" means the Development Loans Fund;

   (g)   "Minister" means the Minister responsible for finance.

 

2.   Continuation of the fund.

   The Development Loans Fund established under the African Loans Fund Act is continued.

 

3.   Control of the fund; constitution of the board.

   (1) The fund shall be controlled through an agent by a board to be known as the Development Loans Fund Control Board.

   (2) The board shall consist of—

   (a)   the following ex officio members—

      (i)   the Secretary to the Treasury;

      (ii)   the Permanent Secretary, Ministry responsible for agriculture, forestry and cooperatives;

      (iii)   the Permanent Secretary, Ministry responsible for animal industry, game and fisheries; and

   (b)   seven persons who shall be appointed by the Minister to hold office for a period of three years and shall, on the expiration of their term of office, be eligible for reappointment.

   (3) If any appointed member of the board resigns, dies or is absent without leave of the board from four consecutive meetings of the board, the Minister may appoint another person to take the place of that member, and the person so appointed shall hold office until the expiry of the term of office of the member in whose place he or she is appointed.

   (4) If any appointed member of the board is absent from Uganda or is incapacitated by illness during his or her term of office, the Minister may appoint another person to serve on the board during the absence or incapacitation of that member.

 

4.   Meetings of the board and expenses of members.

   (1) A quorum of the board shall be four members, one of whom shall be the chairperson.

   (2) At a meeting the chairperson shall have a deliberative v

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