LOANS TO SMALL BUSINESSES ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

 

Establishment and Functions of the Board

   3   Establishment and constitution of the Board

   4   Incorporation

   5   Functions of the Board

   6   Procedure and meetings

   7   Power to delegate

   8   Appointment of officers and servants

   9   Protection of the Board

   10   Protection of members of the Board

   11   Remuneration of members

 

Financial

   12   Funds and resources of the Board

   13   Borrowing powers

   14   Investments

   15   Examination as to application of money lent

   16   Order of Board upon an examination under section 15

   17   Misapplication of loan secured by mortgage or otherwise

   18   Enforcement of securities

   19   Power to appoint a receiver, etc

   20   Accounts and audit

   21   Report

   22   Offences

   23   Director of Public Prosecutions' fiat

   24   Burden of proof

   25   Minutes receivable in evidence

   26   Punishment of offences

   27   Policy directions

   28   Regulations

   29   Exemption from stamp duties, etc, in respect of loans not exceeding $600

 

THE LOANS TO SMALL BUSINESSES ACT

[Date of Commencement: 16th February, 1956]

Laws
6 of 1956,
59 of 1958,
33 of 1960,
17 of 1961.

Act 6 of 1979.

1   Short title

   This Act may be cited as the Loans to Small Businesses Act.

2   Interpretation

   In this Act-

   "Board" means the Board established by this Act;

   "business" means an enterprise of an industrial, commercial, manufacturing or servicing character;

[33/1960 s 2.]

   "chairman" means the chairman of the Board;

   "member" means a member of the Board and includes the chairman;

   "Minister" means the Minister responsible for industry.

Establishment and Functions of the Board

3   Establishment and constitution of the Board

   (1) There shall be established for the purposes of this Act a body to be called the Small Businesses Loan Board.

   (2)The Board shall consist of such number of members, not being less than three or more than seven, as the Minister may from time to time determine.

   (3) The members of the Board shall be appointed by the Minister by instrument in writing and shall hold office for such period not exceeding two years as the Minister may direct in such instrument.

   (4) Every member shall be eligible for reappointment.

   (5) The Minister shall appoint from amongst the members of the Board the chairman of the Board and, in the case of the absence or inability of the chairman to act, an acting chairman of the Board

   Provided that a person who holds an office of emolument under the Crown shall not be appointed to be the chairman or acting chairman of the Board.

   (6) A person shall be disqualified from being appointed or being a member of the Board so long as he is a member of the House of Representatives or a member of the Senate.

   (7) The Minister may appoint any person appearing to him to have the necessary qualifications as a member of the Board to act temporarily in the place of any member of the Board other than the chairman in the case of the absence or inability to act of such member.

   (8) Any member of the Board, other than the chairman, may at any time resign his office by instrument in writing addressed to the Minister and transmitted through the chairman and upon the date of the receipt by the chairman of such instrument such member shall cease to be a member of the Board.

   (9) The chairman may at any time resign his office by instrument in writing addressed to the Minister and such resignation shall take effect as from the date of the receipt of such instrument.

   (10) The Minister may at any time revoke the appointment of any member of the Board if he thinks it expedient so to do.

   (11) The appointment, resignation, revocation of appointment or death of any member of the Board shall be notified in the Gazette.

4   Incorporation

   (1) The Board shall be a body corporate having perpetual succession and a common seal, with power to hold land and other property of whatever kind.

   (2) The seal of the Board shall be kept in the custody of the chairman or of the secretary of the Board and may be affixed to instruments pursuant to a resolution of the Board and in the presence of the chairman, one other member and the secretary.

   (3) The seal of the Board shall be authenticated by the signatures of the chairman and the secretary of the Board and such seal shall be officially and judicially noticed.

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