Home | Databases | WorldLII | Search | Feedback Tonga Consolidated Legislation

Tonga Trust Fund

LAWS OF TONGA

CHAPTER 112

TONGA TRUST FUND

ARRANGEMENT OF SECTIONS

SECTION

1. Short title.
2. Establishment of Fund.
3. Appointment of Trustees.
4. Receipts from issue of Tongan Protected Persons Passports.
5. Receipts from other foreign sources.
6. Investments.
7. Transfers to Development Fund.
8. Accounts.
9. Audit and reporting.

---------------------------------

Act 49 of 1988

AN ACT TO ESTABLISH A TONGA TRUST FUND TO ACCUMULATE MONEYS TO BE HELD IN TRUST AS A RESERVE FUND FOR THE KINGDOM FOR USE IN EXCEPTIONAL CIRCUMSTANCES AND FOR FUTURE MAJOR DEVELOPMENT PROJECTS.

Commencement: [16^th December, 1998]

Short title.

1. This Act may be cited as the Tonga Trust Fund Act.

Establishment of Fund.

2. The Tonga Trust Fund is hereby established in accordance with this Act.

Appointment of Trustees.

3. The Tonga Trust Fund shall be administered by 3 Trustees chaired by the Prime Minister and include as members the Minister of Finance and one other person appointed by His Majesty in Council. They shall hold office during the pleasure of His Majesty in Council shall be eligible for re-appointment. Subject to the approval of His Majesty in Council, the Trustees may regulate their own procedures, employ such officers, agents and persons as may be required and pay all expenses of administering the trust from the recurrent Estimates. They shall meet at least once every 12 months.

Receipts from issue of Tongan Protected Persons Passports.

4. On a day to be appointed by His Majesty in Council the funds derived from the sale of Tongan Protected Persons Passports issued the Passports Act, as amended, shall be transferred by His Majesty in Council to form the Tonga Trust Fund. Funds derived from the sale of such passports and received subsequent to the appointed day shall be paid directly to the Tonga Trust Fund and shall not form part of the general revenue of the Kingdom.

Cap. 61

Receipts from other foreign sources.

5. His Majesty in Council may designate revenue derived from other foreign sources for direct payment to the Tonga Trust Fund and such revenue shall not form part of the general revenue of the Kingdom.

Investments.

6. The Tonga Trust Fund shall be invested in trustee securities or bank deposits.

Transfers to Development Fund.

7. His Majesty in Council shall authorise the transfer of such amounts from the Tonga Trust Fund to be used for any national development project approved by the Legislative Assembly in the Development Estimates. The Tonga Trust Fund may be applied for the purposes of Clause 19(a) (ii) of the Constitution.

Accounts.

8. The Treasurer shall cause an account to be kept called the Tonga Trust Fund Account through which shall be paid all moneys received and all payments made under this Act. The Treasurer shall cause to be prepared a statement of the receipts and payments for the year and the assets and liabilities of the Tonga Trust Fund as at the 31st of March each year.

Audit and reporting.

9. The Tonga Trust Fund shall be audited annually by the Audit General. The statement of receipts and payments and reporting statement of assets and liabilities of the Tonga Trust Fund and the report of the Auditor General shall be published in the Gazette and shall be laid before the Legislative Assembly by the Minister of Finance at the first available opportunity.

--------------------------------------