Development Planning Act (Cap. 552), article 59

59. (1) The Authority shall set up a fund, hereinafter referred to as the Development Planning Fund. (2) The Development Planning Fund shall be administered by the Executive Council. (3) The Development Planning Fund shall be used to finance both public and privately owned projects, programmes and schemes, and costs intended to enforce and manage the aims and objectives of this Act, as well as works which may be needed for that purpose or to remedy any harm caused to the environment in connection with any contingency or emergency plan, or to finance such other activities, including activities organised by non- governmental organisations, as the Minister in consultation with the Executive Council may prescribe: Provided that, without prejudice to the aforesaid, the Development Planning Fund shall not be used to finance other co sts of the Authority. (4) There shall be paid into the Development Planning Fund: (a) any sums appropriated by Parliament for the purpose; (b) any donations or grants made to the Development Planning Fund by individuals or institutions; (c) sums received by the Authority for the purpose of being placed in the Development Planning Fund; (d) such other sums or monies as may from time to time be provided by, or under this or any other law or regulations. (5) The Executive Council shall keep a proper account of the revenue and expenditure of the Development Planning Fund and it shall, without prejudice to the powers of the Auditor General and of the Minister responsible for finance under any law, each year c ause the accounts of the Development Planning Fund to be audited by suitably qualified Public Auditors and Accountants appointed by it with the concurrence of the Minister. (6) The Executive Council shall every financial year deliver to the Minister, a copy of a duly audited balance sheet together w ith a report of the activities during the previous financial year of the Development Planning Fund. The Minister shall lay a copy of the balance sheet and of the report on the Table of the House within a month of the receipt of same from the Executive Council. Cap. 123. Cap. 364. (7) The revenue generated through the Development Planning Fund shall not be subject to tax under the Income Tax Act, and it shall not be liable to tax under the Duty on Documents and Transfers Act. (8) The Minister, after consulting the Executive Council, may make regulations prescribing the procedure to be followed by th e Executive Council in the management of the Development Planning Fund. (9) The Executive Council may set up other funds and prescribe what shall be paid into such funds and how the said f unds shall be administered and used. The provisions of sub-articles (4), 40 [CAP. 552. DEVELOPMENT PLANNING (5), (6), (7) and (8) shall apply mutatis mutandis to such other funds. PART VI Policy Advisory Committees The Standing Committee on the Environment, Climate Change and Development Planning Standing Committee on the Environment, Climate Change and Development Planning. Substituted by: XXXVI.2020.11.