Title 15 Laws of Bermuda Item 3

BERMUDA

1998 : 15

ARRANGEMENT OF SECTIONS

1 Citation

2 Interpretation

3 Millennium Fund

4 Purpose of Fund

5 Millennium Committee

6 Application of the Trustee Act 1975

7 Borrowing power

8 Accounts and audit

9 Annual report and financial statement

10 Winding up of Fund, etc.

[31 March 1998]

WHEREAS it is expedient to make provisions to mark the year

2000 and the beginning of the third millennium: [Words of enactment omitted]

Citation

1 This Act may be cited as the Millennium Fund Act 1998.

Interpretation

2 In this Act— "Committee" means the Millennium Committee appointed under section 5;

1989 Revision 1

"financial year" means the period beginning on 1 April in any year and ending on 31 March next following; "Millennium Fund" means the Fund established under section 3; "the Minister" means the Minister for the time being responsible for community and cultural affairs.

3. Millennium Fund

(1) There is established a fund to be known as "the Millennium Fund".

(2) The Minister of Finance shall pay from the Consolidated Fund into the Millennium Fund the sum of $500,000—

(a) during the 1998/1999 financial year; and

(b) during the 1999/2000 financial year.

(3) There shall also be paid into the Fund contributions donated by corporations, community groups and individuals.

Purpose of Fund

4 Subject to section 5(2)(g), the purpose of the Fund is to finance projects to mark the year 2000 and the beginning of the third millennium.

5. Millennium Committee

(1) The Minister shall appoint a Millennium Committee consisting of a chairman and such other members, not exceeding eighteen, as the Minister may determine.

(2) The functions of the Committee are—

(a) to act as trustees of the Fund;

(b) to encourage community, cultural, sporting, educational and scientific organizations to organize projects on a not-for-profit basis to mark the year 2000 and the beginning of the third millennium;

(c) to co-ordinate all such projects;

(d) if it considers it necessary so to do, on its own initiative, to organize such projects;

(e) to obtain commercial sponsorship for such projects;

(f) to receive contributions to the Fund;

(g) to provide grants out of the Fund to finance such projects referred to in paragraph (b) as are approved by

2 1989 Revision Title 15 Laws of Bermuda Item 3

the Committee and such projects referred to in paragraph (d) as are organized by the Committee; and

(h) generally to administer the Fund.

(3) The provisions of the Schedule have effect in relation to the constitution of, and other matters concerning, the Committee.

(4) Fees shall be paid to the chairman and members of the Committee in accordance with the provisions of the Government Authorities (Fees) Act 1971 [title 14 item 6] and the fees shall be paid out of the Fund.

Application of the Trustee Act 1975

6 In the administration of the Fund the Committee shall act in accordance with the Trustee Act 1975 [title 26 item 51] and may invest money in the Fund in authorized investments under that Act.

Borrowing power

7 The Committee does not have authority to borrow money.

8. Accounts and audit

(1) The Committee shall keep proper accounts and proper records in relation to the administration of the Fund.

(2) The Fund shall be audited annually by the Auditor.

(3) Without prejudice to subsection (1), the Minister may at any time require the Auditor to examine and report on the Fund or any aspect of the Committee's functions and the Committee shall provide the Auditor with all necessary and proper facilities for such an examination.

9. Annual report and financial statement

(1) The Committee shall, within four months of the end of each financial year cause to be made and transmit to the Minister—

(a) a report on the operations of the Committee during that financial year; and

(b) a copy of the annual statement of accounts of the Fund certified by the Auditor.

(2) The Minister shall as soon as practicable after their receipt—

(a) cause a copy of the report and annual statement of accounts to be laid before both Houses of the Legislature; and

1989 Revision 3

(b) cause a copy of the annual statement to be published in the Gazette.

10. Winding up of Fund, etc.

(1) The Fund shall be wound up on such date on or before 31 December 2003, as the Committee may determine, and the Committee shall pay any balance then standing to the credit of the Fund into the Consolidated Fund.

(2) On the date that the Fund is wound up the Committee shall cease to exist.

4 1989 Revision Title 15 Laws of Bermuda Item 3

SCHEDULE section 5(3)

1. MILLENNIUM COMMITTEE

2. the discretion of the Minister.

3. Committee.

4. the accounting officer for the Fund and such officer shall ex officio be a member of the Committee.

5. Chairman, Secretary and Treasurer.

health or absence from Bermuda or other sufficient cause unable to perform his duties as a member the Minister may appoint another person to act for that member during the period of his incapacity.

6. A member may resign his office by giving the Minister a signed

7. notice in writing of his resignation.

vacant if he is satisfied that the member—

(a) has failed without sufficient case to attend three consecutive meetings of the Committee; or

(b) is incapacitated by physical or mental illness; or

(c) has otherwise become unable or unfit to perform his duties as a member.

8. Six members constitute a quorum at any meeting of the

9. Committee.

10. Deputy Chairman shall preside.

majority of the members present and voting. Each member has one vote, except that the person presiding has a second vote if there is a tie.

11. 1989 Revision 5

12. vacancy in the Committee's membership or a defect in a member's appointment.

regulate its proceedings as it sees fit

6 1989 Revision