Students’ Revolving Loan Fund
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L.R.O.
STUDENTS’ REVOLVING LOAN FUND ACT
CHAPTER 39:05
Act
3 of 1973
Amended by
9 of 1977
35 of 1998
91 of 2000
12 of 2006
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2 Chap. 39:05 Students’ Revolving Loan Fund
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Index of Subsidiary Legislation
Page
Designation of Financial Agent Notification (GN 151/1973) … … 13
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Students’ Revolving Loan Fund Chap. 39:05 3
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CHAPTER 39:05
STUDENTS’ REVOLVING LOAN FUND ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Establishment of Fund.
Resources of Fund.
4. Bank to be designated financial agent.
Central Bank to act as depository.
5. Custody and use of seal.
6. Establishment and membership of Board of Management.
Tenure of office.
7. Meetings and procedure.
8. Appointment of committees.
9. Power of Board to delegate.
10. Duties and functions of the Board.
11. Board to act in accordance with Minister’s directions.
12. Appointment of Secretary.
13. Transfer on secondment.
14. Fund may borrow money.
15. Fund exempt from payment of income tax.
16. Board to keep proper records.
Audit.
17. Offence for person to induce Board to grant loans.
18. Government may guarantee loans or other obligations.
18A. Government guarantee on students loans.
19. Liability of Government.
20. Government subrogated to rights of Fund in certain cases.
21. Power to make Regulations.
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4 Chap. 39:05 Students’ Revolving Loan Fund
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3 of 1973.
Commencement.
79/1973.
Short title.
Interpretation.
[9 of 1977
12 of 2006].
Establishment
of Fund.
Resources
of Fund.
CHAPTER 39:05
STUDENTS’ REVOLVING LOAN FUND ACT
An Act to provide for the establishment and administration
of the Students’ Revolving Loan Fund and matters
incidental thereto.
[1ST JUNE 1973]
1. This Act may be cited as the Students’ Revolving Loan
Fund Act.
2. In this Act—
“Bank” means the bank designated by the Minister under
section 4(1);
“Board” means the Students’ Revolving Loan Board of
Management established under section 6;
“Educational Institute” means the University of the West Indies
or any other institute of learning designated by the Board as
an educational institute for the purposes of this Act;
“Minister” means the member of Cabinet to whom responsibility
for tertiary education is assigned;
“student” means a person who is enrolled or has been
accepted for enrolment at an educational institute in a
prescribed subject.
3. (1) A Students’ Revolving Loan Fund (hereinafter
referred to as “the Fund”) is hereby established for the purposes
of this Act as a body corporate.
(2) The purpose of the Fund is to enable loans to be
made to students desirous of pursuing prescribed courses of study
at educational institutes.
(3) The resources of the Fund shall consist of—
(a) all sums of money advanced by way of loans by
the Inter-American Development Bank to the
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Students’ Revolving Loan Fund Chap. 39:05 5
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Government of Trinidad and Tobago under any
agreement for the purpose;
(b) all sums of money received by or falling due to
the Fund in respect of loans made therefrom and
the interest on these loans;
(c) any amounts that may from time to time be
appropriated by Parliament;
(d) all sums of money borrowed by the Board for
the purpose of exercising any of its functions or
discharging any of its obligations;
(e) all sums of money earned by or arising from
investments made by the Board in respect of
the Fund;
(f) all other sums of money that may in any manner
become payable to or vested in the Fund.
4. (1) The Minister may, by Notification, designate a bank
to act as the financial agent of the Fund and the bank so
designated shall be subject to the terms and conditions of any
agreement for the purpose between the Fund and itself.
(2) The Central Bank of Trinidad and Tobago or any
other similar institution agreed upon by the Board, after
consultation with the Inter-American Development Bank and the
Minister, shall act as depository for the resources of the Fund.
5. (1) The Fund shall have a seal which shall be—
(a) kept in the custody of the Chairman, the
Vice-Chairman or the Secretary of the Fund and
may be affixed to instruments pursuant to a
resolution of the Board in the presence of the
Chairman or the Vice-Chairman and of one
other member and the Secretary; and
(b) attested by the signature of the Chairman or the
Vice-Chairman and the Secretary.
(2) All documents, other than those required by law to
be under seal, made by the Board and all decisions of the Board
may be signified under the hand of the Chairman, the Vice-
Chairman or the Secretary.
Bank to be
designated
financial agent.
Central Bank
to act as
depository.
Custody and use
of seal.
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6 Chap. 39:05 Students’ Revolving Loan Fund
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6. (1) A Students’ Revolving Loan Board of Management
is hereby established for the purposes of this Act.
(2) The Board shall be responsible for the general
administration and management of the affairs of the Fund and
shall consist of the following members:
(a) the Permanent Secretary of the Ministry with
responsibility for tertiary education and one
other officer attached to that Ministry nominated
by the Permanent Secretary of the Ministry with
responsibility for tertiary education;
(b) the Permanent Secretary, Ministry of Education
and Culture;
(c) the Permanent Secretary to the Prime Minister;
(d) the Permanent Secretary, Ministry of Finance
and two other officers attached to that Ministry
nominated by the Permanent Secretary;
(e) a representative of the Academic Staff of the
University of the West Indies at St. Augustine
appointed by the Minister after consultation
with the Pro-Vice Chancellor of the University
of the West Indies, St. Augustine.
(3) In respect of each member of the Board, the Minister
shall appoint an alternate member, who may act in the stead of
the respective member at any meeting of the Board.
(4) A member of the Board appointed under
subsection (2)(e) or subsection (3)—
(a) shall hold office for the period specified in his
instrument of appointment but is eligible
for reappointment;
(b) may at any time resign his office by instrument
in writing addressed to the Chairman who shall
cause it to be transmitted to the Minister.
(5) Resignation takes effect on the date the Minister
receives the instrument.
Establishment
and membership
of Board of
Management.
[9 of 1977
12 of 2006].
Tenure of office.
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Meetings and
procedure.
(6) The Permanent Secretary of the Ministry with
responsibility for tertiary education or his alternate shall be the
Chairman of the Board; the Permanent Secretary, Ministry of
Education and Culture or his alternate shall be the Vice-
Chairman.
7. (1) The Board shall meet at such times as may be
necessary or expedient for the efficient performance of its
functions and at such places and times and on such days as the
Board may decide.
(2) The Chairman may at any time call a special meeting
of the Board and shall call a special meeting within seven days of
the receipt of a requisition in writing addressed to him by three or
more members.
(3) The Chairman or, in his absence, the Vice-Chairman
shall preside over meetings of the Board but where both the
Chairman and the Vice-Chairman are unable to preside, the
members present and forming a quorum may appoint a member
to preside over that meeting.
(4) The Chairman or, in his absence, the Vice-Chairman
or, where both the Chairman and the Vice-Chairman are absent,
the member appointed to preside over the meeting pursuant to
subsection (3) and three other members shall constitute a
quorum.
(5) The decisions of the Board shall be by a majority of
votes of members present and, in any case in which there is an
equality of votes, the Chairman, the Vice-Chairman or the
member appointed to preside over the meeting, as the case may
require, shall, in addition to an original vote, exercise a casting
vote.
(6) Minutes in proper form of each meeting shall be kept
by the Secretary and shall be confirmed by the Chairman, the
Vice-Chairman or the member appointed to preside over the
meeting as the case may require, at a subsequent meeting.
Certified copies of the minutes when so confirmed shall, within
twenty-one days thereof, be forwarded to the Minister.
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8 Chap. 39:05 Students’ Revolving Loan Fund
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(7) The Board may co-opt any one or more persons to
attend any particular meeting of the Board for the purpose of
assisting or advising the Board, but no person who has been so
co-opted shall have the right to vote.
8. (1) The Board may appoint committees to examine and
report to it on any matter whatsoever arising out of or connected
with any of its powers and duties under this Act.
(2) The Board may by resolution declare the
remuneration and allowances payable to persons, other than
members of the Board, appointed to a Committee.
(3) The Board may by resolution reject the report of
any such committee or adopt it either wholly or with such
modifications, additions or adaptations as the Board may
think fit.
9. (1) Subject to the provisions of this Act and to the
prior approval of the Minister, the Board may delegate any of
its powers, duties or functions under this Act either generally
or in relation to a specific power, duty or function to a
member, a committee, the Bank, or to any other competent
person or authority.
(2) Any delegation under this section shall be revocable
at will and shall not preclude the Board from exercising any of its
powers, duties or functions.
10. The duties and functions of the Board shall be—
(a) to recommend to the Minister with
responsibility for education the various courses
of study with respect to which a loan may be
guaranteed and interest subsidised;
(b) to process applications for the granting of loans
to students subject to the provisions of any
agreement referred to in section 4(1);
(c) to receive, administer and invest the resources
of the Fund; and
Appointment of
committees.
Power of Board
to delegate.
Duties and
functions of
the Board.
[35 of 1998
91 of 2000].
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(d) to negotiate with financial institutions to
facilitate the granting of loans to students and
generally to do all that is expedient or
necessary for the proper exercise of its duties
and functions.
11. In the exercise and performance of its powers, duties and
functions, the Board shall act in accordance with any general or
specific directions given to it by the Minister.
12. The Fund shall, with the approval of the Minister,
appoint a Secretary on such terms and conditions as it
deems fit.
13. (1) An officer in the public service may, with the
approval of the appropriate Commission, be transferred on
secondment to the service of the Fund.
(2) The period of service with the Fund of any officer
transferred under subsection (1) shall be deemed to be public
service within the meaning of the Pensions Act.
14. The Fund may in any manner it considers appropriate but
subject to the approval of the President borrow money for the
purpose of exercising any of its functions or discharging any of
its obligations.
15. Notwithstanding any other law to the contrary, the
resources of the Fund shall be wholly exempt from the payment
of income tax.
16. (1) The Board, through the Bank, shall keep proper
accounts and other records relative to its duties and functions and
shall prepare annually a statement of accounts in a form to be
approved by the Minister.
(2) The annual statement of accounts shall be audited at
the end of each financial year of the Fund by the Auditor General
or by any other Auditor or auditing entity agreed upon by the
Inter-American Development Bank and the Board.
Board to act in
accordance with
Minister’s
directions.
Appointment of
Secretary.
Transfer on
secondment.
Ch. 23:52.
Fund may
borrow money.
Fund exempt
from payment
of income tax.
Board to keep
proper records.
Audit.
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10 Chap. 39:05 Students’ Revolving Loan Fund
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Offence for
person to induce
Board to
grant loans.
Government
may guarantee
loans or other
obligations.
[35 of 1998].
Government
guarantee on
students loans.
[35 of 1998].
Ch. 79:09.
(3) A copy of the audited statement of accounts shall be
transmitted to the Minister as soon as practicable to be laid before
both Houses of Parliament.
17. (1) Every person who by making or causing to be made
a false representation induces or attempts to induce the Board to
grant a loan is liable on summary conviction to a fine of one
thousand dollars and to imprisonment for six months.
(2) Nothing in this section precludes the instituting of
any other proceeding under any other law.
18. (1) The Government of Trinidad and Tobago may
guarantee in such manner and on such terms and conditions as
it thinks fit—
(a) any loans made to the Fund under section 14; or
(b) the performance by the Fund of any of its
obligations, other than loans to the Fund,
whether to the Inter-American Development
Bank, the Bank, a student or any other person
or institution.
(2) Where a sum is payable by the Government pursuant
to a guarantee under subsection (1)(a) and section 18A(1), the
sum shall be a charge on the Consolidated Fund and the Minister
of Finance shall direct payment to issue out of that Fund.
(3) Any sum paid under subsection (2) shall be repaid
by the Fund in such manner and at such times as the Minister
may direct.
18A. (1) Subject to subsection (2), the Government of
Trinidad and Tobago shall—
(a) guarantee in such manner and on such terms and
conditions as it thinks fit loans up to one
hundred thousand dollars granted by financial
institutions within the meaning of the Financial
Institutions Act for the benefit of students
pursuing courses of studies approved by the
Minister with responsibility for education; and
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Liability of
Government.
Government
subrogated to
rights of Fund
in certain cases.
Power to make
Regulations.
(b) pay over to the relevant financial institutions
interest on such loans not exceeding ten per cent.
(2) The guarantee given by the Government on loans
and subsidy or interest on such loans shall be subject to the
condition that the loans are for a period not exceeding five years.
19. The Government of Trinidad and Tobago shall within
thirty days following the end of the financial year of the Fund
reimburse the Fund—
(a) the sums due and payable by a student who has
failed or refused to repay his loan within one
hundred and eighty days of the date on which it
became due; or
(b) the sums necessary to compensate for losses to
the value of the resources of the Fund resulting
from fluctuations in the rate of exchange.
20. Where a reimbursement is made to the Fund under
section 19(a) the Government of Trinidad and Tobago becomes
subrogated to the Fund and the Attorney General may institute
legal proceedings for the recovery of the amount reimbursed or
any part thereof.
21. The Board may, with the approval of the Minister, make
Regulations generally for the proper carrying out of the purposes
and provisions of this Act and in particular, may make
Regulations—
(a) providing for the administration, management
and investment of the resources of the Fund;
(b) requiring a student to whom a loan is made
under this Act to furnish such information
as may from time to time be required by
the Board;
(c) prescribing the basis on which a loan may
be obtained;
(d) prescribing the procedure to be followed prior
to the obtaining of a loan and for payment of
the amount due on a loan together with any
interest thereon;
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(e) prescribing the rate of interest payable on loans
made from the Fund;
(f) prescribing the courses of study in respect of
which loans may be made under this Act;
(g) designating educational institutions at which
any of the prescribed courses of study may be
pursued;
(h) prescribing anything which may be or is
required to be prescribed under this Act.
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SUBSIDIARY LEGISLATION
DESIGNATION OF FINANCIAL AGENT NOTIFICATION
made under section 4(1)
The *First Citizens Bank Limited is hereby designated to act
as the financial agent of the Students’ Revolving Loan Fund
established by section 3(1) of the Students’ Revolving Loan
Fund Act, Chap. 39:05.
151/1973.
*See Trinidad and Tobago Gazette (Extraordinary) No. 261 dated 26th October, 1993
(GN No. 2192).
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