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Vocational Training - Vocational Training Fund And Financial Provisions Ss 2125

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21.     Vocational Training Fund

            (1) The Minister may establish the Vocational Training Fund for the purpose of reimbursing employers who have incurred training costs for apprentices or trainees.

            (2) There shall be paid into the Fund such moneys as may be-

     (a)     appropriated by Parliament for payment into the Fund;

     (b)     received by way of a levy imposed under section 24;

     (c)     received from any other source for payment into the Fund.

            (3) There shall be paid from the Fund such amounts as are required for the purposes of facilitating vocational training.

            (4) The Authority shall have the overall responsibility of the Fund and the Board shall manage the Fund.

            (5) The Board shall maintain with such bank as the Minister may approve, a designated account into which shall be paid the levy and all the moneys paid into the Fund.

22.     Funds of the Board

            (1) The funds of the Board shall consist of-

     (a)     such sums as may be payable to the Board from moneys appropriated by Parliament for the purpose;

     (b)     such other moneys or contributions which may accrue to the Fund;

     (c)     such other moneys or assets which may accrue to or vest in the Board, whether in the performance of its functions or otherwise.

            (2) The Board shall keep and maintain proper accounts and records in respect of its finances and shall prepare in each financial year a balance sheet and statement of income and expenditure in such form and manner as the Accountant-General may approve.

            (3) The Board shall, not later than 31st March in each year, sign and forward to the Accountant-General a copy of the balance sheet and statement of income and expenditure in respect of the previous year.

            (4) The balance sheet and statement of income and expenditure shall be included in the Annual Statement of Accounts submitted by the Accountant-General to the Auditor-General in accordance with section 34 (2) of theFinance and Audit Act.

23.     Powers to borrow money

            The Board, on behalf of the Authority, may, with prior approval of the Minister and the Minister responsible for finance, borrow money from any source.

24.     Imposition of training levy

            (1) The Minister may, after consultation with the Board, impose, by Order, a levy, which shall be payable into the Fund.

            (2) A levy Order may prescribe the level, exemption or payment procedures and any other matter relating to the enforcement of payment of levy.

25.     Evasion of levy

            Any person who with intent to evade payment of levy-

     (a)     makes a false statement to the Chief Executive Officer;

     (b)     fails or omits to give information required under this Act; or

     (c)     gives any information which is false in any material particular;

shall be guilty of an offence and shall be liable to a fine not exceeding P7000 or to imprisonment for a term not exceeding eighteen months or to both.