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Niue Trust Fund Act 2004

NIUE

NIUE TRUST FUND ACT 2004

No. 266

Arrangement of provisions

1. Short title
2. Interpretation
3. Status of Fund
4. Government contributions
5. Application of money received by Government
6. Provision of information
7. Information for the Assembly
8. Taxation exemption
9. Secretarial support
10. Regulations

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AN ACT

to implement in Niue the Agreement Concerning a Trust Fund for Niue and to make financial provision for the Fund

1. Short title

This Act is the Niue Trust Fund Act 2004.

2. Interpretation

In this Act-

"Advisory Committee" means the Advisory Committee for the Fund;

"Agreement" means the international treaty to be concluded, entitled the Agreement concerning a Trust Fund for Niue, to which Niue will be a party;

"Auditor" means the Auditor appointed by the Board pursuant to Article 22 of the Agreement;

"Board" means the Board of Directors of the Fund;

"Fund" means the Niue Trust Fund to be set up by the Agreement;

"Minister" means the Minister for Finance;

"Public money" has the same meaning as in the Public Revenues Act 1959.

3. Status of Fund

(1) The Fund is a body corporate with all the rights and powers of a natural person of full age and capacity, to be exercised for the purposes of the Fund.

(2) The Fund is not a public fund of Niue and the capital and revenue (except money referred to in section 5) of the Fund is not public money of Niue nor subject in Niue law to control and accounting except as provided by this Act.

4. Government contributions

(1) The Government may at any time contribute to the Fund-

(a) such money as may be appropriated for the purpose by the Assembly; and

(b) money or securities received by the Government from any other source.

(2) The Government may without further procedure make an initial contribution of $50,000.00 to the Fund.

(3) Contributions under this section may be made only as direct cash payments, donations, or interest free loans.

5. Application of money received by Government

Money received by the Government from the Fund-

(a) shall become public money and shall be paid only into the Niue Government Account under article 57 of the Constitution;

(b) shall be spent only in accordance with Part IV of the Constitution; and

(c) shall be accounted for in accordance with Part IV of the Constitution.

6. Provision of information

The Government and any public officer or other person may, and shall on request, give to the Board, the Advisory Committee or any other person authorised by them or on their behalf -

(a) any information or documents which the Auditor requires to fulfil its obligations pursuant to Article 22 of the Agreement;

(b) any information or documents relating to the national budget, annual estimates or appropriation for the service of the financial year before or after the national budget has been presented to the Assembly;

(c) the annual accounts of Niue furnished under section 25 of the Public Revenues Act 1959; and

(d) the audit report prepared under article 60 of the Constitution.

7. Information for the Assembly

The following documents shall be laid before the Assembly at its sitting next following the date on which the document is received by Government-

(a) the annual report by the Board;

(b) the annual accounts of the Fund;

(c) the report by the Auditor of the Fund on its annual accounts; and

(d) the annual report, and the first six-monthly report, of the Advisory Committee.

8. Taxation exemption

Contributions to and income received by the Fund shall be exempt from payment of all taxes, rates and duties in the hands of the Fund.

9. Secretarial support

The Government shall provide the administrative, secretarial and other services necessary for the purposes of the Fund.

10. Regulations

Cabinet may make regulations for the purposes of this Act.

The Niue Assembly passed this Act on the 19th day of May 2004.

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