CHAPTER 33:03
KAMUZU NATIONAL FOUNDATION TRUST

ARRANGEMENT OF SECTIONS

   SECTION

   1.   Short title

   2.   Interpretation

   3.   Establishment and property of Trust

   4.   Trustees of the Trust

   5.   The Trustees: appointment, tenure and meetings

   5A.   Secretary

   6.   Objects of the Trust

   7.   Powers of the Trustees

   8.   Trustees’ power to use Trust income

   9.   Trustees’ power to use Trust capital

   10.   Exemptions from taxation

49 of 1971
9 of 1986

An Act to provide for the establishment of a fund entitled the Kamuzu National Foundation Trust; to provide for the appointment of Trustees thereof and for the vesting of the property constituting such fund in such Trustees; to provide for the incorporation of such Trustees as a body corporate under the name, the Trustees of the Kamuzu National Foundation Trust; to provide for the terms and conditions of the trusts under which such fund shall be held and administered by such Trustees; and further to provide for matters incidental to or connected with the forgoing

[31ST DECEMBER 1971]

1.   Short title

   This Act may be cited as the Kamuzu National Foundation Trust Act.

2.   Interpretation

   In. 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

   (1) There is hereby established a fund to be known as the Kamuzu National Foundation Trust (hereinafter referred to as the “Trust") which shall vest in, be held and administered by Trustees pursuant to this Act upon and subject to the trusts and for the advancement and furtherance of the objects in this Act hereinafter declared.

   (2) The property of the Trust shall consist of—

   (a)   such sums of money as may be paid to the Trustees for the benefit of the Trust from moneys appropriated therefor by Parliament;

   (b)   such sums of money or other property, real or personal, as may be purchased, acquired or received by, or transferred to, or vested in the Trustees, in their capacity as such, whether by way of gift, devise, bequest, purchase or otherwise howsoever;

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.