CHAPTER 91
INSTITUTE OF FINANCE MANAGEMENT ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

PART I
PRELIMINARY PROVISIONS

   1.   Short title.

   2.   Interpretation.

PART II
THE INSTITUTE OF FINANCE MANAGEMENT

   3.   Establishment of Institute.

   4.   Objects and functions of Institute.

PART III
ADMINISTRATION

   5.   The Council.

   6.   Powers and duties of Council.

   7.   Decrees.

PART IV
EXAMINATION BOARDS

   8.   Examination Boards.

   9.   Functions of Boards.

PART V
THE STAFF OF THE INSTITUTE

   10.   Director and Deputy Director.

   11.   Secretary.

   12.   Administrative staff.

   13.   Academic staff.

   14.   Delegation of powers of appointment.

PART VI
FINANCIAL PROVISIONS

   15.   Council to be responsible for management of assets, etc.

   16.   Funds of Institute.

   17.   Power to invest.

   18.   Annual estimates.

   19.   Accounts and audit.

   20.   Director's report.

   21.   Annual statement of accounts and Director's report to be laid before National Assembly.

PART VII
MISCELLANEOUS PROVISIONS

   22.   Regulations.

   23.   Fees and allowances.

   24.   Minister may give directions.

   25.   Proceedings of Council or Board not to be invalid by reason of irregularity.

   26.   Protection of members of Council and Boards.

SCHEDULES

CHAPTER 91
THE INSTITUTE OF FINANCE MANAGEMENT ACT

An Act to establish the Institute of Finance Management and to provide for matters related to it.

[10th March, 1972]
[G.N. No. 52 of 1972]

Acts Nos.
3 of 1972
15 of 1985
2 of 1988

PART I
PRELIMINARY PROVISIONS (ss 1-2)

1.   Short title

   This Act may be cited as the Institute of Finance Management Act.

2.   Interpretation Act No. 2 of 1988">

   In this Act unless the context otherwise requires–

   "appropriate Board" means, in the matters relating to banking of finance management, the Bankers' Examination Board, and in the matters relating to insurance, the Insurers' Examination Board;

   "Council" means the Council of the Institute established by section 5;

   "decree" means a decree promulgated by the Council under section 7;

   "Director" means the Director of the Institute appointed by the Council under section 10;

   "Examination Board" means an Examination Board of the Institute established by section 9;

   "financial year" in relation to the Institute includes the Institute's first accounting period, whether shorter or longer than a year and if the Institute changes its accounting period, the period, whether shorter or longer than a year, employed to give effect to the change;

   "Institute" means the Institute of Finance Management established by this Act;

   "member" in relation to the Council or an Examination Board includes its Chairman;

   "Minister" means the Minister responsible for Finance;

   "Secretary" means the Executive Secretary of the Institute appointed by the Council;

   "student" means any person accepted for any course of study conducted by the Institute.

PART II
THE INSTITUTE OF FINANCE MANAGEMENT (ss 3-4)

3.   Establishment of Institute

   (1) There is hereby established an institute which shall be known as the Institute of Finance Management.

   (2) The Institute shall be a body corporate and shall–

   (a)   have perpetual succession and a common seal;

   (b)   in its corporate name, be capable of suing and being sued;

   (c)   be capable of purchasing and otherwise acquiring, and of alienating, any movable or immovable property;

   (d)   subject to the provisions of this Act, have power from time to time to borrow any sum of money which it requires for its purposes.

4.   Objects and functions of Institute

   The objects and functions of the Institute shall be–

   (a)   to provide facilities for the study of, and for training in, the principles, procedures and techniques of banking, insurance, finance management and other related subjects which the Council may from time to time decide;

   (b)   to conduct training programmes leading to professional qualifications in banking, insurance, finance management and any other related subjects as the Council may from time to time decide;

   (c)   to conduct examinations and to grant diplomas, certificates and other awards of the Institute;

   (d)   to sponsor, arrange and provide facilities for conferences and seminars for discussion of matters relating to banking, insurance and finance management;

   (e)   to arrange for the publication and general dissemination of materials produced in connection with the work and activities of the Institute.

PART III
ADMINISTRATION (ss 5-7)

5.   The Council Act No. 15 of 1985">

   (1) There shall be a Council of the Institute of Finance Management.

   (2) The provisions of the First Schedule shall have effect as to the composition of the Council, tenure of office of its members, termination of their appointments, the proceedings of the Council and other matters in relation to the Council and its members.

6.   Powers and duties of Council Act No. 15 of 1985">

   (1) Subject to the provisions of this Act, the government and control of the Institute is vested in the Council.

   (2) In particular and without prejudice to the generality of subsection (1), the Council shall have power–

   (a)   to administer the properties of the Institute, both movable and immovable;

   (b)   to administer the funds and other assets of the Institute;

   (c)   to signify the acts of the Institute by use of the common seal;

   (d)   on behalf of the Institute to receive gifts, donations, grants or other moneys;

   (e)   subject to the provisions of this Act, to appoint such officers of the Institute as it may consider necessary;

   (f)   to do all acts and things which are provided for in this Act or may, in the opinion of the Council, be necessary or expedient for the proper discharge of its functions.

7.   Decrees

   (1) The Council may promulgate decrees–

   (a)   fixing enrolment fees and other charges;

   (b)   subject to regulations made under this Act, prescribing the terms and conditions of service, including the appointment, dismissal, salary and retiring benefits of the members of the staff of the Institute.

   (2) The Council may, after consultation with the appropriate Examination Board, issue decrees relating generally to the academic management of the Institute and in particular to–

   (a)   the qualifications necessary for entry to the Institute, the courses of instruction to be provided by the Institute, the duration and number of academic terms and the award of diplomas, certificates and other awards of the Institute;

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