PART IV. - CENTRAL FUND BOARD OF MANAGEMENT.
40. Central Fund Board of Management.
(1) The Central Fund Board of Management is hereby established.
(2) The Board:
- is a corporation with perpetual succession; and
- shall have a seal; and
- may acquire, hold and dispose of property; and
- may sue and be sued in its corporate name.
(3) All courts, Judges and persons acting judicially shall take judicial notice of the seal of the Board affixed to a document and presume that it was duly affixed.
41. Constitution of the Board.
(1) The Board shall consist of the following members:-
- the Clerk of the Parliament, ex officio; and
- the Electoral Commissioner, ex officio; and
- the Registrar, ex officio; and
- the Chairman of the National Fiscal and Economic Commission, ex officio; and
- a representative of the National Council of Women, nominated by the National Council of Women; and
- a representative of the National Council of Churches, nominated by the National Council of Churches.
(2) The representatives under Subsection (1)(d) and (e) shall be citizens and shall be appointed by the Head of State, acting on advice, by notice in the National Gazette.
(3) The members of the Board are subject to the Leadership Code.
(4) The members of the Board shall receive such fees and allowances as fixed under the Boards (Fees and Allowances) Act (Chapter 212).
(1) The members of the Board shall elect one of their number to be Chairman of the Board for a period of two years.
(2) A member appointed as Chairman under Subsection (1) is eligible for re-appointment as Chairman.
(3) The Board shall determine grounds for the removal from office of a Chairman and procedures relative thereto and a Chairman may be removed from office on such grounds and in accordance with such procedures.
43. Declaration of Office.
(1) Before entering on the duties of his office, a member of the Board shall make the Declaration of Office provided by the Constitution.
(2) The Declaration of Office shall be made by a member of the Board before the Minister or a person appointed by the Minister for the purpose.
44. Leave of absence of member.
The Chairman may grant leave of absence to a member of the Board on such terms and conditions as the Chairman determines.
45. Vacation of office of member
(1) Where a member of the Board referred to in Section 41(1)(d) or (e):
- resigns his office by writing under his hand addressed to the Minister; or
- absents himself from three consecutive meetings of the Board without the written consent of the Chairman; or
- becomes of unsound mind as that expression is used in the Public Health Act (Chapter 226), the Head of State, acting on advice, shall terminate his appointment.
(3) The Head of State, acting on advice, may at any time terminate the appointment of a member appointed under Section 41(1)(d) or (e) on the grounds of inability, inefficiency, incapacity or misbehaviour.
46. Vacancy not to affect powers or functions.
The exercise or performance of a power or function of the Board is not invalidated by reason only of a vacancy in the membership of the Board.
47. Meeting of the Board.
(1) The Board shall meet at least once in every period of three months and otherwise as often as the business of the Board requires or as the Chairman directs.
(2) The Chairman shall, where requested to do so by not less than three members of the Board, call a meeting of the Board as soon as practicable after receiving the request.
(3) At a meeting of the Board:
- the Chairman and two other members of the Board constitute a quorum; and
- the Chairman shall preside; and
- matters arising shall be decided by a majority of the votes of the members of the Board present and voting; and
- the Chairman has a deliberative vote, and in the event of an equality of votes on a matter, also a casting vote.
(4) The Board shall cause minutes of its meetings to be recorded and kept.
(5) Subject to this Law, the procedures of the Board are as determined by it.
48. Indemnity of member of the Board.
A member of the Board is not personally liable for any act of the Board or of a member of the Board acting as such, done in good faith.
49. Functions and powers of the Board.
(1) The Board shall:
- be responsible for the consideration of applications for the registration of political parties; and
- be responsible for the policy concerning, and for the control and management of, the Central Fund; and
- have such other functions as are given to it by this Law.
(2) The Board has full powers to do all things necessary and incidental to its functions including, without prejudice to the foregoing generality, the power to:
- raise monies, from within or outside Papua New Guinea; and
- invest funds in bonds and securities within the country, for the purposes of the Central Fund.
(3) In carrying out its functions and exercising its powers under this Law the Board is not subject to any control or direction by any person or authority.
(1) There is established a Secretariat which shall:
- consist of such number of staff as the Board decides; and
- assist the Board in carrying out of its functions under this Law.
(2) The Board shall:
- after consultation with the Registrar, appoint the members of the staff of the Secretariat; and
- subject to the Salaries and Conditions Monitoring Committee Act 1988, fix the terms and conditions of members of the staff of the Secretariat.
(3) The Registrar shall be responsible for the day-to-day operations of the Secretariat.
(4) Funds shall be provided in each year from the Consolidated Revenue Fund for the maintenance and expenses of the Secretariat.
(5) An Act of the Parliament may make provision for and in respect of qualifications and appointment of staff of the Secretariat and such other matters in relation to the Secretariat as are necessary to give effect to the operation of this Law.
51. Application of Public Finances (Management) Act.
Part VIII of the Public Finances (Management) Act 1995 applies to and in relation to the Board.
52. Reports by the Board.
(1) The Board shall, by 31 March in each year, give to the Head of State, for presentation to the Parliament, a report on the functions and workings of the Board and of this Law for the year ending 31 January preceding, with such recommendations as to improvement as the Board thinks proper.
(2) Nothing in Subsection (1) prevents the Board from making, on its own initiative or at the request of the Parliament or the National Executive Council, other reports on any aspect of the functions and workings of the Board and of this Law.