ROAD MAINTENANCE FUND ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Establishment of Road Maintenance Fund

   4   How Fund to be held

   5   Establishment of Board

   6   Functions of Board

   7   Borrowing powers

   8   Minister to guarantee borrowings

   9   Accounts and audit

   10   Power of Minister to give directions

   11   Regulations

      SCHEDULE

 

THE ROAD MAINTENANCE FUND ACT

[Date of Commencement: 24th September, 2002]

Act 39 of 2002.

1   Short title

   This Act may be cited as the Road Maintenance Fund Act.

2.   Interpretation

   In this Act-

   "Board" means the Board of Management established under section 5;

   "Fund" means the Road Maintenance Fund established under section 3;

   "main road" means a road specified in the Schedule of Main Roads pursuant to section 4 of the Main Roads Act;

   "maintenance" includes the routine and periodic upkeep and rehabilitation of main roads and structures of main roads and "road maintenance" shall be construed accordingly.

3   Establishment of Road Maintenance Fund

   (1) There is hereby established for the purposes of this Act a fund to be known as the Road Maintenance Fund.

   (2) There shall be paid into the Fund-

   (a)   an amount equivalent to thirty-three and one third per cent of the amount paid pursuant to the Road Traffic Act or Regulations made thereunder as licence duties on motor vehicles;

   (b)   such amount as may, from time to time, be loaned to the Fund from lending agencies;

   (c)   such amount as may from time to time, be donated to the Fund from donor agencies;

   (d)   such other amount as the Minister responsible for finance may, from time to time, specify by order subject to affirmative resolution of the House of Representatives; and

   (e)   investment or other income derived from the assets of the Fund.

   (3) The Board shall be responsible for the control and management of the Fund.

4   How Fund to be held

   (1) The Board shall open a bank account in the name of the Fund and such bank account shall be separate from any other bank account operated by the Ministry responsible for main roads.

   (2) The Board shall designate at least three signatories to the Fund from amongst the Board members.

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