ARRANGEMENT OF SECTIONS
1 Short title
Establishment and Functions of the Board
3 Establishment and constitution of the Board
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
12 Funds and resources of the Board
13 Borrowing powers
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
23 Director of Public Prosecutions' fiat
24 Burden of proof
25 Minutes receivable in evidence
26 Punishment of offences
27 Policy directions
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]
6 of 1956,
59 of 1958,
33 of 1960,
17 of 1961.
Act 6 of 1979.
This Act may be cited as the Loans to Small Businesses Act.
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
(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.
(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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