PUBLIC BODIES MANAGEMENT AND ACCOUNTABILITY ACT

ARRANGEMENT OF SECTIONS

   1   Short title

 

PART I
Preliminary

   2   Interpretation

 

PART II
Corporate Governance and Accountability

      Estimates of revenue and expenditure

   2B   Minister may exempt public body

   3   Accounts of public bodies

   4   Share-holdings and distributions

   5   Exercise of borrowing powers

      Payments to public body

   5B   Powers of accounting officer in relation to public bodies

   5C   Powers of Minister in cases of default

   6   Corporate governance

      Public bodies and the Government's procurement rules

   7   Corporate plan

      Power to request information

   8   Audit committees and auditors

   9   Duties of audit committees

   10   Code of audit practices

   11   Consultation with Auditor-General

   12   Special audit or examination of public body

   13   Appointment of auditors

      Audit of accounts of public body by Auditor-General

   13B   Powers of Auditor-General to order audit of books of public body

   13C   Auditor-General to be informed re termination of auditor's services

   14   General duties of auditors

 

Auditor's right to information

   15   Auditor's right to information

   16   Errors and omissions

 

PART III
Duty of Care, Disclosures, etc of Directors and Officers

   17   Duty of care

   18   Dissent of absent director

   19   Reliance on statement

      Indemnification of directors, etc

   19B   Indemnity for derivative action

   19C   Right to indemnity

   20   Levels of emoluments

 

PART IV
General

   21   Restriction on formation of new companies

   22   Contents of annual reports

   23   Other reports by public bodies

      -

   24   Regulations

   25   Enforcement

   26   Amendment of Schedules

   27   Supremacy of this Act in relation to public bodies

   28   Repeal of sections 46 and 47 of Financial Administration and Audit Act

      SCHEDULES

 

THE PUBLIC BODIES MANAGEMENT AND ACCOUNTABILITY ACT

[Date of Commencement: 28th December, 2001]

Acts
30 of 2001,
12 of 2003,
7 of 2010,
20 of 2011.

1   Short title

   This Act may be cited as the Public Bodies Management and Accountability Act.

PART I
Preliminary (section 2)

2   Interpretation

   In this Act unless the context otherwise requires-

   "board" means the board of directors of a public body;

   "constituent documents" means the documents of incorporation of a government company;

   "financial distribution" means a distribution made from profits, surpluses or equity;

[20/2011 s 2(c).]

   "financial year" in relation to a public body means, except as may be otherwise provided in any other enactment, a period of twelve months beginning on the 1st day of April of a calendar year and ending on the 31st day of March of the next calendar year;

[20/2011 s 2(c).]

   "government company" means a company registered under the Companies Act, being a company in which the Government or an agency of the Government, is in a position to direct the policy of that company;

[12/2003 s 2(a); 20/2011 s 2(a).]

   "public body" means a statutory body or authority or any government company, but does not include an executive agency designated under the Executive Agencies Act;

[12/2003 s 2(b); 20/2011 s 2(b).]

   "relevant enactment" means any enactment under which a public body is established;

   "responsible Minister" means, in relation to a public body, the Minister responsible for that body;

   "statutory body or authority" means a body corporate established by an Act of Parliament over which the Government or an agency of the Government exercises control.

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