Gold Mines Development Loans Act

Section 1. Short title Section This Act may be cited as the Gold Mines Development Loans Act.

Section 2. Interpretation Section In this Act, except where the context otherwise requires— “the Board” means the Gold Mines Development Loans Board established by section 3 . “gold mine” means a mine which produces gold either alone or in conjunction with any other mineral;

Section 3. Establishment and Constitution of Board Section 3(1) There is hereby established a Board, to be known as the Gold Mines Development Loans Board. Section 3(2) The Board shall consist of the Permanent Secretary of the Ministry for the time being responsible for industry, who shall be the chairman, the Senior Mining Engineer of the Mines and Geological Department and two persons appointed by the Minister after consultation with the Kenya National Chamber of Commerce and Industry.

Section 4. Board to be body corporate Section The Board shall be a body corporate, and shall be capable of suing and of being sued, and of purchasing or otherwise acquiring; holding and alienating property, movable and immovable, and subject to the provisions of this Act, of doing or performing such acts and things as bodies corporate may by law do and perform.

Section 5. Chairman Section 5(1) The chairman shall preside at all meetings of the Board at which he is present. Section 5(2) If the chairman is absent from any meeting, the Board shall elect one of their number to act as chairman at that meeting.

Section 6. Procedure and meetings of Board Section 6(1) The Board shall meet at such times as may be necessary or expedient for the transaction of the business of the Board , and meetings shall be held at such place and time and on such days as the Board may determine. Section 6(2) A quorum of the Board shall be two. Section 6(3) The decisions of the Board shall be by a majority of votes; and if the votes are equal the chairman of the meeting shall have an additional vote. Section 6(4) The powers of the Board shall not be affected by any vacancy in the membership thereof, nor by the fact that it is afterwards discovered that there was some defect in the appointment or qualifications of a person purporting to be a member of the Board . Section 6(5) Subject to the provisions of this Act, the Board shall have power to regulate its own proceedings.

Section 7. Execution of documents Section All deeds, instruments, contracts and other documents shall be deemed to be duly executed by or on behalf of the Board if signed by the chairman of the Board and one other member.

Section 8. Exemption from stamp duty and other charges Section 8(1) No stamp duty, transfer duty or registration fee shall be payable in respect of any transfer of property to the Board otherwise than by way of mortgage or security for an advance. Section 8(2) Subject to the exception contained in subsection (1) , no certificate, instrument or other document issued by or in favour of the Board in giving effect to the powers conferred upon it by this Act shall be subject to stamp duty or to any fee or charge whatsoever, nor shall the Board be liable for the payment of any search or inspection fee in any mining titles or deeds registry or other registration office.

Section 9. Provision out of public funds Section 9(1) There shall be set aside from public revenues for the purposes of this Act such sum of money as may be voted for the purpose by Parliament. Section 9(2) The Permanent Secretary of the Ministry for the time being responsible for Industry shall, out of moneys so set aside, make such payments as the Board may by resolution direct.

Section 10. Loans Section 10(1) The Board may, upon such terms and conditions as it thinks fit, grant a loan to the owner of any gold mine for the underground development of the gold mine . Section 10(2) An application for the grant of a loan under this section shall be made and signed by or on behalf of the owner of the gold mine , and shall be in such form and shall contain such particulars as may be prescribed. Section 10(3) The Board may in its absolute discretion grant or refuse any application for a loan. Section 10(4) The amount of any loan to be made under this section shall be calculated in such manner as may be prescribed.

Section 11. Repayment of loans Section Every loan granted under this Act shall be free of interest.

Section 13. Appeals Section Any person aggrieved by a decision of the Board in relation to an application for a loan may, within thirty days of the decision, appeal in writing to the Minister, whose decision shall be final.

Section 14. Accounts Section 14(1) The Permanent Secretary of the Ministry for the time being responsible for Industry shall, as soon as possible after the 31st March in each year, transmit to the Minister for the time being responsible for finance, to be laid on the table of the National Assembly, a statement of accounts audited and certified by the Auditor-General (Corporations) showing the gross amount of loans made and moneys received by the direction or on behalf of the Board during the preceding twelve months. Section 14(2) In addition to the accounts mentioned in this section, the Board shall render to the Minister for the time being responsible for finance from time to time such other accounts, reports and statements as that Minister may require. [L.N. 293/1956, L.N. 496/1961, L.N. 550/1961, L.N. 649/1963, Act No. 12 of 1985 , Sch.]

Section 15. Access to accounts, etc., of Board Section The Permanent Secretary of the Ministry for the time being responsible for Industry and any other public officer in his department deputed by him, and the Controller and Auditor-General and any other public officer in his department deputed by him, shall have full access to all such accounts, documents, papers and books as may be kept by the Board , and the Board shall at all times furnish to any such officer any information he may require. [L.N. 293/1956, L.N. 496/1961, L.N. 550/1961.]