Uganda Act or statute

Parliament of Uganda

Higher Education Students Financing Act, 2014

Provides definitions for terms used in the Act, including Board, currency point, employment, functional fees, Fund, higher education, Minister and scheme. Establishes the Higher Education Students…

Source attribution: Source: Uganda Legal Information Institute

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01

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“Provides definitions for terms used in the Act, including Board, currency point, employment, functional fees, Fund, higher education, Minister and scheme.”

Provides definitions for terms used in the Act, including Board, currency point, employment, functional fees, Fund, higher education, Minister and scheme. Establishes the Higher Education Students Financing Scheme, provides loans and scholarships to eligible students, and requires the Board to manage the scheme. The Board may appoint committees; appointed committees must exercise specific powers/functions, have a specified composition, may invite or co-opt persons (who may not vote), members may be paid allowances with the Minister's written approval, and committees may regulate their own procedure subject to the Board. Establishes the Higher Education Students Financing Board as a corporate body with perpetual succession and a common seal; the Board may acquire, hold or dispose of property, sue and be sued, and do all acts that a body corporate may lawfully do; the seal shall be authenticated in accordance with Schedule 2. Sets the Board's composition, requires Ministerial appointment, requires members be of good character, mandates at least one-third women, and sets four-year terms with one possible reappointment.

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Preliminary - Interpretation

Provides definitions for terms used in the Act, including Board, currency point, employment, functional fees, Fund, higher education, Minister and scheme.

Section 1

Loans and scholarships - Eligibility into the scheme

The Board must consider regional balance, gender, socio-economic needs and equity when deciding eligibility; the scheme is only for Ugandan students in accredited higher education; the Board may declare which programmes are funded by Ga…

Section 20

Miscellaneous - Regulations

The Minister may, on the recommendation of the Board and by statutory instrument, make regulations to carry this Act into effect, prescribing matters such as application procedures, fees, disbursement and repayment rules.

Section 41

04

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Showing 44 of 44 provisions

Provision 35Offence 5Commencement 2Interpretation

Part I

Preliminary

§ 1Preliminary - InterpretationInterpretation

Provides definitions for terms used in the Act, including Board, currency point, employment, functional fees, Fund, higher education, Minister and scheme.

Section Interpretation Section In this Act, unless the context otherwise requires— " Board " means the Higher Education Students Financing Board; " currency point " has the value assigned to it in Schedule 1; " employment " means a contract of service between the employer and the employee and includes a person on self­employment; " functional fees " includes registration fees, examination fees, library fees, clearance fees, fees for identity cards, medical fees; " Fund " means the higher education students financing Fund established under section 29 ; " higher education " means a post secondary education course of study or programme leading to the award of a certificate, diploma or degree; " Minister " means the Minister responsible for education; " scheme " means the higher education students financing scheme established under section 2 .

Part II

The Higher Education Students Financing Scheme

§ 2The Higher Education Students Financing Scheme - Establishment of Higher Education Students Financing SchemeProvision

Establishes the Higher Education Students Financing Scheme, provides loans and scholarships to eligible students, and requires the Board to manage the scheme.

Section Establishment of Higher Education Students Financing Scheme Section There is established a scheme to be known as the Higher Education Students Financing Scheme. The scheme shall consist of loans and scholarships provided to eligible students to pursue higher education . The scheme shall be managed by the Board .

Part III

The Higher Education Students Financing Board

§ 10The Higher Education Students Financing Board - Committees of the BoardProvision

The Board may appoint committees; appointed committees must exercise specific powers/functions, have a specified composition, may invite or co-opt persons (who may not vote), members may be paid allowances with the Minister's written approval, and committees may regulate their own procedure subject to the Board.

Section Committees of the Board Section The Board may appoint committees for the better carrying out of its functions. A Committee appointed under sub section (1) shall exercise specific powers or perform specific functions as the board may determine. A committee appointed under subsection (1) shall consist of a chairperson the chairperson other than the board chairperson and other members of the Board , as the Board may determine. A committee may invite any person to attend any of its meetings and may co-opt any competent person to the committee but that person shall not vote on any matter before the committee. A member of a committee appointed under this section may be paid allowances as the Board may, with the written approval of the Minister , determine. Subject to any direction given by the Board , a committee appointed under this section may regulate its own procedure.
Section 10Verify source
§ 3The Higher Education Students Financing Board - Establishment of Higher Education Students Financing BoardProvision

Establishes the Higher Education Students Financing Board as a corporate body with perpetual succession and a common seal; the Board may acquire, hold or dispose of property, sue and be sued, and do all acts that a body corporate may lawfully do; the seal shall be authenticated in accordance with Schedule 2.

Section Establishment of Higher Education Students Financing Board Section The Board is a body corporate with perpetual succession and a common seal and may for the purposes of discharging its functions under this Act— There is established the Higher Education Students Financing Board . acquire, hold or dispose of movable and immovable property; sue and be sued in its corporate name; and do all acts and things that a body corporate may lawfully do. The seal of the Board shall be authenticated in accordance with Schedule 2.
§ 4The Higher Education Students Financing Board - Composition and tenure of the BoardProvision

Sets the Board's composition, requires Ministerial appointment, requires members be of good character, mandates at least one-third women, and sets four-year terms with one possible reappointment.

Section Composition and tenure of the Board Section The Board shall consist of the following— one person with at least ten years experience in management, who shall be the chairperson; a representative of the National Council for Higher Education nominated by the National Council for Higher Education; a representative of management of institutions of higher education nominated by the vice chancellors forum; a representative of the Ministry responsible for education in charge of higher education ; a representative of the Ministry responsible for finance; a representative of employers nominated by a recognized employers umbrella association; a representative of students nominated by a recognized umbrella students association; a representative of workers nominated by a recognized workers organization; a representative of Persons with Disabilities nominated by a recognized national umbrella body of persons with disabilities; and the Executive Director who shall be an ex-officio member of the board and shall be secretary to the Board . The members of the Board shall be persons of high moral character and proven integrity. The chairperson and members of the Board shall be appointed by the Minister . At least one third of membership of the board shall compose of women. A chairperson or member of the Board shall hold office for four years and shall be eligible for reappointment for only one more term.
§ 5The Higher Education Students Financing Board - Functions of the BoardProvision

The Board must manage and administer the higher education students financing scheme and perform related functions, and must submit an annual report to the Minister who shall lay it before Parliament.

Section Functions of the Board Section The functions of the Board are— to manage the higher education students financing scheme ; to administer the Fund ; to provide financial assistance to eligible students under this Act; to establish a loan protection fund for loans granted to a student under this Act; to determine the number of eligible students to benefit from the scheme ; to explore modalities for resource mobilisation for the scheme ; to perform any other function that is incidental or connected to the objects of the Board ; and to establish and maintain collaboration and network with other persons, bodies, or organizations within or outside Uganda as the board may consider appropriate, for the furtherance of the purpose of the scheme . The Board shall, at least once every three months, after the end of each calendar year or at the request of the Minister , submit to the Minister a report on the performance of its functions. The Minister shall lay the annual report of the Board before Parliament.
§ 6The Higher Education Students Financing Board - Powers of the MinisterProvision

The Minister may give policy guidelines in writing to the Board about how it should perform its functions, and the Board must comply with those guidelines.

Section Powers of the Minister Section The Minister may, in writing, give policy guidelines to the Board regarding the performance of its functions. The Board shall comply with the policy guidelines given by the Minister under this section.
§ 7The Higher Education Students Financing Board - Vacating office of member of the BoardOffence

The Minister may remove a Board member from office on specified grounds; a Board member may resign by giving one month's written notice to the Minister.

Section Vacating office of member of the Board Section A member of the Board may be removed from office by the Minister on any of the following grounds— A member of the Board may resign his or her office by a one month notice in writing addressed to the Minister . absence for three consecutive meetings of the Board without notice to the Chairperson or without reasonable cause; ceasing to hold the position under which he or she was appointed to the board; if convicted of a criminal offence; is declared insolvent; inability to perform his or her function arising out of physical or mental incapacity; misconduct or misbehavior; or incompetence.
§ 8The Higher Education Students Financing Board - Meetings of the BoardProvision

The Board must meet at least once every three months to discharge its functions, and the meetings must be conducted in accordance with Schedule 3.

Section Meetings of the Board Section The Board shall meet at least once every three months for purposes of discharging its functions. The meetings of the Board shall be conducted in accordance with Schedule 3.
§ 9The Higher Education Students Financing Board - Remuneration of members of the BoardProvision

Members of the Board may be paid allowances if those allowances are approved by the Minister in consultation with the Minister responsible for public service and the Minister responsible for finance.

Section Remuneration of members of the Board Section The members of the Board may be paid allowances approved by the Minister in consultation with the Minister responsible for public service and the Minister responsible for finance.

Part IV

Secretariat and staff of the Board

§ 11Secretariat and staff of the Board - Secretariat of the BoardProvision

The Board must have a secretariat responsible for day-to-day operations and implementing the Board's decisions; the secretariat must be headed by a full time Executive Director.

Section Secretariat of the Board Section The Board shall have a secretariat which shall be responsible for the day-to-day operations of the scheme and implementing the decisions of the Board . The secretariat shall be headed by a full time Executive Director.
Section 11Verify source
§ 12Secretariat and staff of the Board - Executive DirectorOffence

Sets appointment, qualification, term length, reappointment limit and grounds for cessation for the Executive Director.

Section Executive Director Section A person shall cease to hold the office of Executive Director if that person— is removed from office by the Minister on the recommendation of the Board for— The Executive Director shall be appointed by the Minister on the recommendation of the Board . The Executive Director shall be a person of high moral character with proven integrity and shall have at least ten years working experience, with at least five years in higher education management and financial management. The Executive Director shall hold office for five years and shall be eligible for reappointment for only one more term. resigns his or her office by notice in writing addressed to the Minister ; is declared insolvent; is convicted of a criminal offence; continuously and persistently being unable to discharge the functions of the office of Executive Director due to infirmity of body or mind; failing to disclose to the Board any interest in a contract or proposed contract or any other matter connected to the Board ; misbehavior or misconduct; incompetence.
Section 12Verify source
§ 13Secretariat and staff of the Board - Duties of the Executive DirectorProvision

The Executive Director is the Board's chief executive and must carry out specified responsibilities for the scheme and is answerable to the Board.

Section Duties of the Executive Director Section Subject to this Act and to the general supervision of the Board , the Executive Director is the chief executive officer of the Board and is responsible for— implementing the policies and programmes agreed upon by the Board ; managing financial, human and physical resources of the Board ; keeping the Board informed of the activities of the scheme ; keeping record of all the transactions of the scheme and the Board ; performing any other function as determined by the Board ; mobilizing resources for the Scheme. In the performance of his or her duties the Executive Director is answerable to the Board .
Section 13Verify source
§ 14Secretariat and staff of the Board - Other officers and staff of the BoardProvision

The Board appoints officers and staff on terms it determines and may provide retirement and other benefits and require contributions.

Section Other officers and staff of the Board Section There shall be officers and staff of the Board as may be necessary for the effective performance of the functions of the Board . The officers and staff of the Board shall be appointed by the Board on such terms and conditions as the Board shall determine. Without prejudice to the generality of sub section (2), the Board may provide for payment of salaries, allowances, pensions, gratuities or other retirement benefits to its officers and employees, and may require them to contribute to any pension, provident fund or superannuation scheme .
Section 14Verify source
§ 15Secretariat and staff of the Board - Protection of members and officers of the BoardProvision

Members or officers of the Board and persons acting on the Board's directions are not personally liable for acts or omissions done in good faith in the exercise of their duties under this Act.

Section Protection of members and officers of the Board Section A member or officer of the Board or a person acting on the directions of the Board is not personally liable for any act or omission done or omitted to be done in good faith in the exercise of his or her duties under the provisions of this Act.
Section 15Verify source

Part IX

Transitional provisions

§ 42Transitional provisions - Management of existing scholarshipsCommencement

All scholarships existing immediately before commencement vest in the Board; the central scholarship committee of the Ministry of Education and Sports existing immediately before commencement shall cease to exist on a date the Minister publishes by statutory instrument in the gazette.

Section Management of existing scholarships Section All scholarships currently offered by the Government of Uganda, including bilateral scholarships, existing immediately before the commencement of this Act shall vest in the Board . The central scholarship committee of the Ministry of education and Sports existing immediately before the commencement of this Act shall cease to exist on such a date as the Minister may by statutory instrument publish in the gazette.
Section 42Verify source
§ 43Transitional provisions - Transfer of assets and liabilitiesCommencement

All movable and immovable property, assets and liabilities of the scheme that vested in the student loan task force immediately before this Act shall vest in the Board.

Section Transfer of assets and liabilities Section All movable and immovable property, assets and liabilities of the scheme which immediately before the commencement of this Act vested in the student loan task force of the Ministry responsible for Education and Sports shall vest in the Board .
Section 43Verify source
§ 44Transitional provisions - Amendment of SchedulesAmendment

The Minister may, by statutory instrument, amend a Schedule to this Act.

Section Amendment of Schedules Section The Minister may by statutory instrument amend a Schedule to this Act.
Section 44Verify source

Part V

Loans and scholarships

§ 16Loans and scholarships - Student loansProvision

Loans cover tuition, functional fees, research expenses, and aids for persons with disabilities; may include accommodation or meals. The Minister must determine amounts annually on the Board's recommendation; the Board must publish those amounts. Students must notify the Board within fourteen days after an institution approves a change of programme; the Board is not responsible for additional fees arising from such a change.

Section Student loans Section A loan shall cover the following— tuition fees; functional fees ; research expenses; aids and appliances for persons with disabilities. A loan may include specific amounts in respect of accommodation or meals, where the board determines that the funds are sufficient, based on the needs of each student, in addition to fees prescribed in subsection (1). The Minister shall on the recommendation of the Board by statutory instrument determine the amount for each of the items referred to in subsection (1) and (2) annually. The Board shall publish the amount determined by the Minister under subsection (3) in the National Gazette and at least two newspapers of wide national coverage. Where a student changes from the scheme or course for which the loan was granted, the student shall within fourteen days after the institution approves the change, notify the Board of the change of programme or course. The Board shall not be responsible for any additional fees required or incurred as a result of the change in course or programme.
Section 16Verify source
§ 17Loans and scholarships - Interest on loanProvision

Interest on student loans must be payable; the rate or amount of interest is to be determined by the Minister in consultation with the Minister responsible for finance.

Section Interest on loan Section Every student loan shall be repayable with interest. The interest shall be determined by the Minister in consultation with the Minister responsible for finance.
Section 17Verify source
§ 18Loans and scholarships - Student scholarshipsProvision

Rules on student scholarships: covered costs, non-refundability with specified exceptions, Minister to determine amounts, Board to publish amounts, Board may terminate or bond beneficiaries, and external scholarships limited to programmes not offered within Uganda.

Section Student scholarships Section A scholarship may cover the following— A student scholarship shall be non-refundable by the beneficiary, except where a student— A student scholarship shall be awarded to an eligible student to pursue higher education in a field of study determined by the Board as critical to national and economic development. In determining the fields of study, the Board shall be guided by key development areas as specified in the National Development Plan. tuition fees; functional fees ; books and reading materials; accommodation fees; meals; research fees; aids, appliances and personnel assistance for persons with disabilities; and other expenses as may be determined by the Board and approved by the Minister . The Minister shall on the recommendation of the Board by statutory instrument determine the amount for each of the items referred to in subsection (3). The Board shall publish the amount determined by the Minister under subsection (3) in at least two newspapers of wide national coverage. abandons the course without reasonable cause; changes to a course not approved by the Board ; or fails to comply with any other terms and conditions of the scholarship as may be determined by the Board . A student scholarship shall only be used for the course for which the scholarship has been awarded and shall not be transferable. A student scholarship may be terminated by the Board at any time where the student performs or omits to perform an act or omission which violates the terms and conditions of the scholarship as determined by the Board . The board may bond the beneficiary to the scheme for a specified period, as the Minister may, by statutory instrument determine. External scholarships shall only be awarded to students who qualify for academic programmes that are not offered in institutions of higher learning within Uganda.
Section 18Verify source
§ 19Loans and scholarships - Bilateral scholarshipsProvision

Bilateral scholarships may be awarded subject to conditions agreed by the donor country and the Government of Uganda.

Section Bilateral scholarships Section Bilateral scholarships may be awarded subject to conditions agreed upon by the donor country and the Government of Uganda.
Section 19Verify source
§ 20Loans and scholarships - Eligibility into the schemeProvision

The Board must consider regional balance, gender, socio-economic needs and equity when deciding eligibility; the scheme is only for Ugandan students in accredited higher education; the Board may declare which programmes are funded by Gazette and national newspaper notice.

Section Eligibility into the scheme Section In determining the eligibility into the scheme , the Board shall take into consideration the following— The scheme is only for Ugandan students seeking financial assistance to pursue an accredited course of study or programme of higher education in an accredited institution of higher learning recognized by the National Council for Higher Education. regional balance; gender; socio economic needs; and equity. The Board may, by notice in the Gazette and a newspaper of wide national coverage, declare the programmes or courses of study to be funded in a particular academic year. In determining the programmes or courses of study referred to in subsection (2), the Board shall take into account government policy regarding higher education .
Section 20Verify source
§ 21Loans and scholarships - Application for loan or scholarshipProvision

The Board must determine applications within twenty one working days; the Board must investigate applications on receipt, notify applicants of decisions and publish approved lists; rejected applicants must be given reasons where necessary; aggrieved persons may appeal to the Minister within seven days and the Minister must determine appeals within fourteen days.

Section Application for loan or scholarship Section The Board shall within twenty one working days determine the application and— an eligible student may, in a manner prescribed by the board apply to the board for a loan or scholarship. Upon receipt of the application, the Board shall investigate and verify the information contained in the application. notify the applicant of the decision of the Board ; publish the list of all approved applicants on the website of the Board , in the gazette and at least two newspapers of wide national coverage. Where the Board rejects an application, the Board shall give reasons to the applicant in writing where necessary. A person aggrieved by a decision of the Board may appeal to the Minister within seven days after receipt of the notification in subsection (4). The Minister shall determine the appeal within fourteen days after receiving the appeal.
Section 21Verify source
§ 22Loans and scholarships - Undertaking by approved applicantsProvision

The Board must, within seven days after the notification and publication referred to in section 21, invite approved applicants to enter into an undertaking; the undertaking must follow Schedule 4 and specify the loan or scholarship amount awarded to the applicant.

Section Undertaking by approved applicants Section The Board shall within seven days after the notification and publication referred to in section 21 invite the approved applicants to enter into an undertaking with the Board. The undertaking shall be as specified in Schedule 4 and shall specify the amount of the loan approved or scholarship awarded to the applicant.
Section 22Verify source

Part VI

Repayment of student loans

§ 23Repayment of student loans - Repayment of student loanProvision

A person who received a student loan must begin repaying it with specified interest at least one year after completing the higher education for which it was given; the Board must give written notice within 30 days and may extend repayment time after verification.

Section Repayment of student loan Section A person who has received a student loan shall start repaying the loan with the specified interest at least one year after completing the higher education for which the loan was given. For the avoidance of doubt, subsection (1) shall apply whether the person is employed or not. Without prejudice to subsection (1) a person who has received a student loan may start repaying the loan before the time specified in subsection (1). The Board shall within thirty days after the time specified in subsection (1), in writing inform the person who received a student loan to start repayment as required by this Act. Where a person has no income for the repayment of the student loan, the person shall within fourteen days after receiving the notice under subsection (4) in the prescribed manner, inform the Board accordingly. The Board may after verifying the information contained in the notice under subsection (4), extend the time under subsection (1) in respect of that person.
Section 23Verify source
§ 24Repayment of student loans - Student loan repayment scheduleProvision

The Board must set the repayment schedule and installments for a student loan and must notify the person and that person's employer of the rate of deduction.

Section Student loan repayment schedule Section The Board shall determine the schedule and installments for the repayment of the student loan and shall notify the person and the employer of the rate of deduction in respect of that person. The repayment of a student loan shall be charged on the salary or wages or income of the person who received the student loan.
Section 24Verify source
§ 25Repayment of student loans - Student loan beneficiary to inform the BoardOffence

A person who received a student loan must inform the Board of any employment they take up within fourteen days.

Section Student loan beneficiary to inform the Board Section A person who has benefited from a student loan shall within fourteen days inform the Board of any employment in which the person is engaged. A person who contravenes the provision of this section commits an offence and is liable on conviction to a fine not exceeding fifty currency points or imprisonment of six months or both.
Section 25Verify source
§ 26Repayment of student loans - Deductions by employerProvision

Employers must deduct from employees' pay each month the amount specified by the Board to repay student loans, ensure such deductions do not exceed 30% of net pay, and notify the Board within 14 days in the prescribed form when they employ a loan recipient.

Section Deductions by employer Section An employer who knowingly does not— Every employer who employs a person, whose loan is due for repayment, shall, every month deduct the amount specified by the Board from the salary or income of that person for purposes of repaying the student loan. A deduction under subsection (1) shall not exceed thirty percent of the net salary or income of the employee. A person who employs a person who has received a student loan shall within fourteen days, in the prescribed form, notify the Board specifying the position and salary of the person. For purposes of this section, the Board may direct an employer to deduct a specified amount from the salary of an employee where the employer or employee has not informed the Board of the employment . deduct or remit the loan repayments in accordance with this section; notify the Board of the employment of a person who has received a student loan,
Section 26Verify source
§ 27Repayment of student loans - Early repaymentProvision

A person who wishes to make an early repayment must repay the student loan in a manner determined by the Board.

Section Early repayment Section A person who wishes to make early repayment shall repay the student loan in a manner determined by the Board .
Section 27Verify source
§ 28Repayment of student loans - Priority of student loan over other deductionsProvision

A student loan takes priority over all other deductions; taxes and other statutory deductions are deducted before income is deducted for repayment of a student loan.

Section Priority of student loan over other deductions Section Subject to subsection (2) a student loan shall take priority over all deductions. Taxes and other statutory deductions shall be deducted before deducting any income of the beneficiary, for the repayment of a student loan.
Section 28Verify source

Part VII

Financial provisions

§ 29Financial provisions - Higher education students financing FundProvision

The Fund shall be administered by the Board and the Fund consists of appropriations, grants, repayments, fees, and investment proceeds.

Section Higher education students financing Fund Section The Fund shall consist of— There is established a higher education students financing Fund . money appropriated by Parliament for the purposes of the scheme ; grants, donations, endowments or loans received by the Board ; repayments and interest on loans granted; loan protection fees charged in accordance with section 30 ; fees charged for the services rendered by the Board ; proceeds from any investment undertaken by the board. The Fund shall be administered by the Board . The Fund shall be used to finance the higher education students financing scheme .
Section 29Verify source
§ 30Financial provisions - Loan protection feesProvision

The Board may levy a loan protection fee on each approved student loan; the Minister determines the fee amount; borrowers must subscribe to the fee.

Section Loan protection fees Section The Board may levy a loan protection fee on the gross approved loan amount in respect of each student loan. The amount of the loan protection fees shall be determined by the Minister in consultation with the Minister responsible for finance. The amount of the loan protection fees shall not exceed the percentage specified in Schedule 5. The borrower of the funds shall subscribe to a loan protection fee which shall indemnify the borrower against payment of outstanding debt to the fund as a result of death or permanent disability.
Section 30Verify source
§ 31Financial provisions - Power to open and operate bank accountsProvision

The Board must open and maintain bank accounts necessary for its functions, and the bank accounts must be operated in a manner determined by the Board.

Section Power to open and operate bank accounts Section The Board shall open and maintain bank accounts as are necessary for the performance of the functions of the Board . The bank accounts shall be operated in a manner determined by the Board .
Section 31Verify source
§ 32Financial provisions - Estimates of income and expenditureProvision

The Board must, at least two months before each financial year, prepare and submit to the Minister for approval a budget with estimates of the Board's income and expenditure for the next year; the Board must not spend more than the budget without the Minister's written approval.

Section Estimates of income and expenditure Section The Board shall, in not less than two months, before the beginning of each financial year, prepare and submit to the Minister for approval, a budget containing the estimates of income and expenditure of the Board for the next financial year. The Board shall not incur any expenditure exceeding the budget without the written approval of the Minister .
Section 32Verify source
§ 33Financial provisions - Application of Board fundsProvision

The funds of the Board may be applied to pay or discharge expenses, obligations (including international obligations), liabilities, and to pay any remuneration or allowances payable under this Act.

Section Application of Board funds Section The funds of the Board may be applied to the payment or discharge of expenses, obligations, including international obligations, or liabilities incurred in connection with the performance of the functions or exercise of the powers of the Board . Notwithstanding subsection(1) the funds of the board may be applied to the payment of any remuneration or allowances payable under this Act.
Section 33Verify source
§ 34Financial provisions - Investment of surplus fundsProvision

The Board must declare any surplus funds at the end of the financial year to the Minister; surplus funds not immediately required may be invested with Ministerial approval in specified instruments or as determined by the Board.

Section Investment of surplus funds Section The Board shall declare to the Minister any surplus funds that the Board may have at the end of the financial year. Any funds of the Board not immediately required for any purpose under this Act, may be invested— on a fixed deposit account with a bank approved by the Board ; in treasury bills and securities of the Government; in any other manner determined by the Board with the approval of the Minister .
Section 34Verify source
§ 35Financial provisions - Financial year of the BoardProvision

The Board's financial year is a twelve-month period starting on 1 July and ending on 30 June of the next calendar year.

Section Financial year of the Board Section The financial year of the Board is the period of twelve months beginning on the 1 st day of July in each year, and ending on the 30 th day of June in the next calendar year.
Section 35Verify source
§ 36Financial provisions - AccountsProvision

The Board must keep proper accounting records; must prepare annual financial statements within three months after year end; and must submit the annual accounts to the Auditor General within three months after year end.

Section Accounts Section The Board shall keep proper books of accounts and all records relating to the transactions and affairs of the Board The Board shall within three months after the end of the financial year, prepare annual financial statements for the preceding financial year. The Board shall within three months after the end of each financial year, submit the annual accounts to the Auditor General.
Section 36Verify source
§ 37Financial provisions - AuditProvision

The Auditor General or an auditor appointed by the Auditor General must submit to the Minister and Parliament a report on the audited accounts of the Board within three months after receipt of the accounts.

Section Audit Section The Auditor General or an auditor appointed by the Auditor General shall within three months after receipt of the accounts submit to the Minister and Parliament a report on the audited accounts of the Board .
Section 37Verify source

Part VIII

Miscellaneous

§ 38Miscellaneous - False statements by applicantsOffence

Applicants must not make false statements to the Board or in documents submitted to the Board; doing so is an offence punishable by a fine not exceeding forty eight currency points or imprisonment not exceeding twenty four months, or both.

Section False statements by applicants Section An applicant who makes a false statement to the Board or in any document submitted to the Board commits an offence and is liable on conviction to a fine not exceeding forty eight currency points or to imprisonment not exceeding twenty four months or to both.
Section 38Verify source
§ 39Miscellaneous - General penaltyOffence

If a person contravenes any provision of the Act for which no specific punishment is prescribed, they commit an offence and on conviction may be fined up to fifty currency points, imprisoned for six months, or both.

Section General penalty Section A person, who contravenes any of the provisions of this Act, where no specific punishment is prescribed, commits an offence and is liable on conviction to a fine not exceeding fifty currency points or imprisonment of six months, or both.
Section 39Verify source
§ 40Miscellaneous - AppealsProvision

A person aggrieved by a Board decision may appeal to the Minister; a person aggrieved by a Minister decision may appeal to the High Court within one month.

Section Appeals Section A person aggrieved by the decision of the Board may appeal to the Minister ; and A person aggrieved by the decision of the Minister may appeal to the High Court within one month.
Section 40Verify source
§ 41Miscellaneous - RegulationsProvision

The Minister may, on the recommendation of the Board and by statutory instrument, make regulations to carry this Act into effect, prescribing matters such as application procedures, fees, disbursement and repayment rules.

Section Regulations Section Without prejudice to subsection (1), the Minister may make regulations prescribing the— The Minister may on the recommendation of the Board , by statutory instrument, make regulations for better carrying into effect the provisions of this Act. procedure and form for applying for a loan or scholarship; fees payable for applications or services under this Act; procedure for the disbursement of a loan or scholarship; procedures and mechanisms for early repayment of loans; matters to be taken in to account by the Board when determining applications; form of documents or notices required or provided for this Act; manner of repaying loans by students who do not complete a course of study or programme funded by the Board ; and conditions regarding change of programme or course of study.
Section 41Verify source

Legislative relationships

4 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

2 instruments

  • Board not immediately required for any purpose under this Act

    Section 34
  • Executive Director Section Subject to this Act

    Section 13

G–M

1 instrument

  • Ministry of education and Sports existing immediately before the commencement of this Act

    Section 42

N–S

1 instrument

  • Schedules Section The Minister may by statutory instrument amend a Schedule to this Act

    Section 44

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  • 28 Feb 2014 · currentEnglish

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