Millennium Fund Act 1998

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1998/Acts/Millennium%20Fund%20Act%201998.pdf

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Millennium Fund Act 1998
MILLENNIUM FUND ACT 1998

1

BERMUDA
1998 : 15

MILLENNIUM FUND ACT 1998

[Date of Assent 31 March 1998]

[Operative Date 31 March 1998]

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.

WHEREAS it is expedient to make provisions to mark the year
2000 and the beginning of the third millennium:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

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

MILLENNIUM FUND ACT 1998

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Interpretation
2 In this Act—

"Committee" means the Millennium Committee appointed under
section 5;

"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.

Millennium Fund
3 (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.

Millennium Committee
5 (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;

MILLENNIUM FUND ACT 1998

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(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
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 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 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.

Accounts and audit
8 (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.

Annual report and financial statement
9 (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.

MILLENNIUM FUND ACT 1998

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(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

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

Winding up of Fund, etc.
10 (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.

SCHEDULE section 5(3)

MILLENNIUM COMMITTEE

1. The chairman and members of the Committee shall hold office at
the discretion of the Minister.

2. The Officer for Cultural Affairs shall ex officio be a member of the
Committee.

3. The Minister of Finance shall appoint a public officer to serve as
the accounting officer for the Fund and such officer shall ex
officio be a member of the Committee.

4. The Committee shall elect from amongst their number a Deputy
Chairman, Secretary and Treasurer.

5. If the Minister is satisfied that a member is by reason of ill
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
notice in writing of his resignation.

7. The Minister may at any time declare the office of a member
vacant if he is satisfied that the member—

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

MILLENNIUM FUND ACT 1998

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(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
Committee.

9. If the chairman is absent from a meeting of the Committee, the
Deputy Chairman shall preside.

10. Any question for decision by the Committee shall be decided by a
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. An act of the Committee is not invalid by reason only of a
vacancy in the Committee's membership or a defect in a
member's appointment.

12. Subject to the provisions of this Schedule, the Committee may
regulate its proceedings as it sees fit.