THE INDEPENDENCE SCHOLARSHIPS ACT.
Arrangement of Sections.
Establishment of the fund.
Board of trustees.
Chairperson, meetings, seal and procedure of the board.
Accounts and annual report.
Powers and functions of the board.
Use of the fund.
Protection from personal liability.
THE INDEPENDENCE SCHOLARSHIPS ACT.
Commencement: 22 June, 1964.
An Act to make provision for the establishment of a fund to be used for awarding scholarships for certain purposes, for the establishment of a board of trustees to hold and administer the fund, for regulating the use of the fund, and for purposes incidental to and connected with
the aforesaid purposes.
In this Act, unless the context otherwise requires—
“board” means the board of trustees established by section 3;
“existing assets” means all contributions of money or other property made before the commencement of this Act to and held by the former committee;
“former committee” means the committee known as the Uganda Independence Scholarships Fund Committee which was established before the commencement of this Act;
“fund” means the fund established by section 2;
“net income” in relation to the fund means so much of the gross income of the fund as remains after the deduction of all costs and expenses reasonably incurred for or in connection with the management of the fund.
2. Establishment of the fund.
(1) There is established a fund to be known as the Uganda Independence Scholarships Trust Fund which shall consist of—
the existing assets; and
all contributions of money or other property made after the commencement of this Act to the fund.
(2) For the avoidance of doubt, it is declared that the fund is not a fund to which section 16 of the Public Finance Act applies.
3. Board of trustees.
All money and other property of which the fund from time to time consists shall vest in a board of trustees, to be held, administered, controlled and managed in accordance with this Act.
The board of trustees mentioned in subsection (1) is established as a corporate body under the name of the Trustees of the Uganda Independence Scholarships Trust Fund with perpetual succession and a common seal and with power to perform for and in connection with the purposes of this Act all such acts as corporate bodies may by law perform.
The board shall consist of not less than three and not more than seven trustees appointed by the President on the recommendation of the Minister.
Every trustee shall hold office at the President’s pleasure and may resign his or her office by writing under his or her hand addressed to the Minister.
The board may appoint a secretary, who shall not be a member of the board unless he or she is also appointed a trustee under this Act.
4. Chairperson, meetings, seal and procedure of the board.
(1) The Minister may appoint one of the trustees to be chairperson of
the board, and any person so appointed—
shall preside at all meetings of the board at which he or she is present; but in the absence of the chairperson, the trustees present at any meeting of the board shall elect one of their members to be chairperson for the purposes of such meeting;
shall hold office at the Minister’s pleasure; and
may resign his or her office by writing under his or her hand addressed to the Minister.
The quorum at a meeting of the board shall be three, including the chairperson.
A decision of the majority of the trustees present and voting on any question before the board shall be deemed to be the decision of the board.
(4) The common seal of the board shall be authenticated by the signature of two trustees.
Orders and decisions of the board may be signified under the hand of the secretary.
Subject to this section, the board may regulate its own procedure.
5. Accounts and annual report.
(1) The board shall keep a full and correct account of all monies
vested, received and expended in and by it or on its authority, and shall as
soon as may be and not later than six months after the end of each financial
year submit to the Minister—
a copy of its accounts and balance sheet duly audited; and
a report of its operations in that year.
(2) The accounts of the board shall be audited annually by an auditor
approved by the Minister.
6. Powers and functions of the board.
Subject to this Act, the board may for and in connection with the administration and management of the fund—
sue and be sued in its corporate name;
pay and discharge all its costs, charges and expenses;
invest any monies not immediately required in and upon any investment for the time being authorised by law for the investment of trust monies or in or upon any other investment approved by the Minister, and vary any such investment;
employ on such terms and conditions as it may determine such officers, accountants, treasurers, managers and other servants or agents as it considers necessary;
acquire by purchase, gift or otherwise or hold lands and rights, easements or interests therein or there over and any other property; except that no lands or interest in lands shall be purchased without the prior approval of the Minister;
with the prior approval of the Minister, erect or enlarge any building on any part of the trust property;
with the prior approval of the Minister, raise money other than by
borrowing upon such terms and conditions as may be approved
by the Minister; (h) receive and collect contributions of money or other property to
the fund, subject to such conditions as the Minister may approve; (i) with the prior approval of the Minister, sell, let or otherwise deal
with or dispose of any part of the trust property; (j) plant, drain, level and otherwise improve and alter any land
forming part of the trust property; (k) do all such acts, matters and things as may be necessary for
carrying out the provisions and purposes of this Act.
7. Use of the fund.
The board shall establish and maintain a reserve fund and shall pay into the fund in each financial year such part of the net income of the fund as the Minister may direct.
After complying with any directions of the Minister under subsection (1), the board shall appropriate the balance of the net income of the fund in each financial year for the financing of scholarships awarded to citizens of Uganda for pursuing courses of study at universities and other educational institutions in Uganda or elsewhere in accordance with such directions as may be given to it by the Minister.
In giving his or her directions to the board under subsection (2), the Minister shall—
fix in consultation with the board the number of scholarships to be awarded each year from the fund; and
satisfy himself or herself that the scholarships are equitably distributed to cover all areas of Uganda.
8. Protection from personal liability.
No matter or thing done by a trustee or by an officer, agent or servant of the board bona fide for the purpose of executing any of the provisions of this Act shall render him or her personally responsible to any action, liability, claim or demand.
History: Cap. 119; S.I. 122/1965; S.I. 156/1966.
Public Finance Act, Cap. 193.