Kamuzu National Foundation Trust Act
- Commenced on 31 December 1971
- [This is the version of this document at 31 December 2014.]
- [Note: This version of the Act was revised and consolidated in the Fifth Revised Edition of the Laws of Malawi (L.R.O. 1/2018), by the Solicitor General and Secretary for Justice under the authority of the Revision of the Laws Act.]
1. Short titleThis Act may be cited as the Kamuzu National Foundation Trust Act.
2. InterpretationIn this Act unless the context otherwise requires—“alternate Trustee” means an alternate Trustee appointed in accordance with section 5 (2),"objects" means the objects of the Trust declared by section 6;“Trust” means the fund known as the Kamuzu National Foundation Trust established by section 3;“Trust capital” means such moneys as are transferred to and vested in the Trustees for the purposes of the Trust by virtue of section 11, together with all moneys or other property, real or personal, received by the Trustees in their capacity as such, whether by gift, devise or bequest, or purchased or otherwise acquired by, or vested in, the Trustees for the benefit of the Trust, other than Trust income not accumulated;“Trust income” means any interest, rents, dividends or other annual or periodic earnings from the investment or use of the Trust capital;“Trustee” means a Trustee appointed in accordance with section 5(1);“the Trustees” means the Trustees of the Kamuzu National Foundation Trust constituted and incorporated pursuant to section 4.
3. Establishment and property of Trust
4. Trustees of the TrustThere is hereby constituted the Trustees of the Kamuzu National Foundation Trust, which shall by that name be a body corporate with perpetual succession and a common seal capable of suing and being sued and, subject to the provisions of this Act, of doing such acts and performing such deeds as a body corporate may lawfully do or perform.
5. The Trustees
5A. SecretaryThe President shall appoint a person to be a Secretary to the Trust.[9 of 1986]
6. Objects of the TrustThe objects of the Trust shall be—
7. Powers of the TrusteesThe Trustees shall have power to hold the Trust upon and subject to the trusts by this Act declared, and shall have power to enter into any transaction or to do any act, which in their opinion will tend to the advancement of the objects of the Trust as declared by section 6, or which is incidental or contributory thereto, and, without prejudice to the generality of the foregoing, shall have power to—
8. Trustees’ power to use Trust income
9. Trustees’ power to use Trust capitalThe Trustees, in their absolute discretion, shall have power to make, for the furtherance of any of the objects declared by section 6, advancement from the Trust capital:Provided that, at no time, shall any such advancement be made which would reduce such Trust capital below the value of one hundred thousand Kwacha (K 100,000):And further provided that if upon any revaluation of the Trust capital at the end of any financial year the said capital is shown to be reduced below the value of one hundred thousand Kwacha (K100,000) the Trustees shall thereafter accumulate not less than one half of the Trust income during the course of the next succeeding financial years and shall apply such accumulation towards the said Trust capital until such time as the said Trust capital has, on further revaluation, been shown to have reached the value of one hundred thousand Kwacha (K100,000).
10. Exemptions from taxation
History of this document
31 December 1971