The Petroleum Industry Bill 2012 (Part Two)

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The Petroleum Industry Bill 2012 (Part Two)

The President may remove the Director-General or a Director from office if -

(a) he recommits an act of gross misconduct;

(b) he has demonstrated inability to effectively perform the duties of the office;

(c) if the President is satisfied that it is not in the interest of the Agency or the public

that the member Director General or Director should continue in office.

57. Secretary

(1) The Board shall appoint a Secretary for the Agency.

(2) The Secretary shall report to the Director-General of the Agency and shall be

responsible for -

(a) making arrangements for Board meetings and preparing the agenda and

minutes of such meetings;

(b) communicating the decisions of the Board to the Board members;

(c) keeping corporate records of the Board;

(d) arranging for payment of fees and allowances of meetings and all other

matters affecting members of the Board; and

(e) any other duties affecting the Agency as may be assigned to the Secretary

, by the Chairman or the Director-General of the Agency.

(2) The Secretary shall be a lawyer with a minimum of ten years post qualification

experience.

58. Other staff, etc

(1) The Board may appoint for the Agency such other persons as employees as it

may deem necessary for the effective performance of the functions of the

Agency.

(2) The employment of the Agency’s staff, including the Secretary, shall be subject

to such terms and conditions as may from time to time be stipulated by the Board

and contained in the respective employment contracts. 41

(3) The Board shall determine and review from time to time, the remuneration and

allowances, payable to the Agency’s staff.

(4) The Board shall make staff regulations generally relating to the conditions of

service of its employees, and in particular, but without prejudice to the generality

of the foregoing, such regulations may provide for -

(a) the appointment, promotion, dismissal and discipline of employees;

(b) appeals by the employees against dismissal or other disciplinary measures;

and

(c) the grant of pensions, gratuities and other retirement allowances to the

employees.

(5) Staff of the Agency shall be public officers as defined in the Constitution of the

Federal Republic of Nigeria, 1999.

(6) For the purpose of this section, appointment shall include secondment, transfer

and contract appointments.

59. Specific provisions on conditions of service

The conditions of service of staff of the Agency shall be at a level sufficient to attract

qualified professionals within the petroleum industry and shall take into account -

(a) the specialised nature of work to be performed by the staff;

(b) the need to ensure financial prudence of the Agency; and

(c) the salaries paid in the private sector to individuals with equivalent

responsibilities, expertise and skills.

60. Pensions

(1) Employment in the Agency shall be subject to the provisions of the Pensions

Reform Act and officers and employees of the Agency shall be entitled to

pension and other retirement benefits as prescribed under the Pensions Reform

Act.

(2) Nothing in subsection (1) of this section shall prohibit the Agency from appointing

a person to any office on terms that preclude the grant of a pension or other

retirement benefits in respect of that office.

(3) Subject to the Pensions Reform Act, and notwithstanding the provisions of this

section, the Agency shall continue to fulfil all obligations in respect of pensions

schemes to which the Department of Petroleum Resources of the Ministry and 42

the Petroleum Products Pricing and Regulatory Agency prior to the transfer of its

assets and liabilities to the Agency.

61. Financial provisions

(1) The Agency shall not later than 30th September or such other date to be

determined by the Ministry of Finance in each financial year, prepare and present

through the Minister for appropriation, a statement of estimated income and

expenditure for the following financial year.

(2) Notwithstanding the provisions of subsection (1) of this section, the Agency may

also, in any financial year, submit supplementary or adjusted statements of

estimated income and expenditure through the Minister for appropriation.

(3) The financial year of the Agency shall be a period of twelve calendar months

commencing on the 1st of January in each year.

62. Funding

(1) The Agency shall establish and maintain a fund (‘the Fund’) from which all

expenditures incurred by the Agency shall be defrayed..

(2) The Fund shall comprise monies derived from the following sources:

(a) such monies as may be appropriated to the Agency from time to time by the

National Assembly ;

(b) fees charged for services rendered to holders of downstream licences,

permits and authorizations;

(c) penalties and charges that the Minister may approve to be imposed from

time to time on persons engaged in downstream petroleum operations;

(d) fees charged in respect of services performed by the Agency;

(e) income received from publications produced by the Agency and from

reviews of environmental impact assessment reports, environmental

evaluation reports and other related activities;

(f) fees for services rendered to non-petroleum marketing companies and

service companies and for other services performed generally;

(g) gifts, loans, grants and grants-in-aid; and

(h) such money as may be received by the Agency either in the course of its

operations, in relation to the exercise of its powers and functions under this

Act or in respect of any property vested in the Agency. 43

(3) The Agency shall apply the proceeds of the Fund established pursuant to

subsection (1) of this section:

(a) to meet the administrative and operating costs of the Agency;

(b) to provide for the payment of salaries, wages, fees or other remuneration or

allowances, pensions and other retirement benefits payable to staff or

employees of the Agency;

(c) for the maintenance of property acquired by, or vested in the Agency;

(d) for purposes of investment, as prescribed by the Trustee Investments Act

or any other relevant legislation subject to the approval of the Minister; and

(e) in connection with the carrying out of its functions under this Act.

(4) For any particular year, if monies accruing to the Fund from appropriation

established pursuant to subsection (2) of this section, has not been fully applied

for the purposes pursuant to subsection (3) of this section, such monies shall be

paid into the Consolidated Revenue Fund.

63. Power to accept gifts

(1) The Agency may accept gifts of money or other property upon such terms and

conditions as may be specified by the person or organisation making the gift

provided such gifts are not inconsistent with the objectives and functions of the

Agency under this Act.

(2) Nothing in subsection (1) of this section or in this Act shall be construed to allow

any member of the Board or staff of the Agency to accept gifts for their personal

use.

64. Accounts and audit

The Agency shall keep proper accounts of its income and expenditure in respect of

each financial year and shall cause its accounts to be audited within six months after

the end of each year by auditors appointed by the Agency from a list and in

accordance with the guidelines supplied by the Auditor-General for the Federation.

65. Mid-year and annual reports

(1) The Agency shall submit to the Minister a mid-year report of its operations and

finances not later than 31st August of each year and an annual report of its

operations, performance and audited financial report of the preceding year not

later than 31st May of the following year. 44

(2) A summary of the annual report and audited financial report of the Agency for the

previous year shall be published on the website of the Agency for public notice

not later than 31st of July of each year.

66. Exemption from income tax

(1) The provisions of any enactment relating to the taxation of companies or trust

funds shall not apply to the Agency.

(2) Where contributions to the Fund of the Agency are made by a person subject to

tax under the provisions of any law in force in Nigeria, all such contributions shall

be tax deductible.

67. Limitation of suits against the Agency, etc

(1) Subject to the provisions of this Act, the provisions of the Public Officers

Protection Act shall apply in relation to any suit instituted against the Agency, the

Director General, an officer or employee of the Agency.

(2) No suit shall lie against the Agency, the Director General or any other officer or

employee of the Agency for any act done in pursuance or execution of this Act or

any other law or enactment, or of any public duty or authority in respect of any

alleged neglect or default in the execution of this Act or any other law or

enactment, duty or authority, or be instituted in any court unless it is

commenced—

(a) within three months next after the act, neglect or default complained of ; or

(b) in the case of a continuation of damage or injury, within six months next

after the ceasing thereof.

(3) No suit shall be commenced against the Agency, the Director General or any

officer or employee of the Agency before the expiration of a period of one month

after written notice of the intention to commence the suit shall have been served

on the Agency by the intending plaintiff or his agent.

(4) The notice referred to in subsection (3) of this section shall clearly and explicitly

state the cause of action, the particulars of the claim, the name and address of

the intending plaintiff and the relief which he claims.

68. Service of court processes on Agency

A notice, summons or other document required or authorised to be served on the

Agency under the provisions of this Act or any other law or enactment may be served

by delivering it to the office of the Director General of the Agency or any of its

Directors. 45

69. Restriction on execution against the Agency’s property

(1) In any action or suit against the Agency, no execution or attachment of its

physical property shall be issued and any judgment against the Agency may be

enforced through garnishee proceedings provided that not less than three

months notice of the intention to commence the garnishee proceedings shall

have been given to the Agency.

(2) Any sum of money which may by the judgment of any court be awarded against

the Agency shall, subject to any direction given by the court where no notice of

appeal against the judgment has been given, be paid from the Fund of the

Agency.

70. Special powers

The Agency shall have power to investigate any person or organisation in relation to

any of its functions or powers under this Act to ascertain any violation of the provisions

of this Act.

71. Special Investigation Unit

(1) For the effective conduct of its functions, the Agency shall have a Special

Investigation Unit.

(2) The Special Investigation Unit or an officer authorised on its behalf shall have

powers, with respect to matters under the authority of the Agency in this Act, to:

(a) investigate acts which may constitute offences under this Act;

(b) collaborate with other government agencies and persons in relation to the

detection or prosecution of offences under this Act;

(c) maintain surveillance on oil and gas installations, premises and vessels

where it has reasons to believe that illegal petroleum operations are going

on;

(d) enter and search any premises or carrier, including vehicles or any other

instrumentalities whatsoever which is reasonably believed to be connected

with the commission of an offence;

(e) seize any item or substance which is reasonably believed to have been

used in the commission of an offence under this Act.

(f) arrest without warrant any person who is found committing any offence

under this Act or any regulations made under this Act, and shall hand over

any person so arrested to a police officer immediately; and46

(g) in conjunction with the Nigerian Police force and other relevant law

enforcement agencies arrest with a warrant obtained from a judicial officer

any person whom he reasonably believes to have committed an offence

under this Act;

72. Indemnity of Board and employees

(1) Every member of the Board and every employee of the Agency shall be

indemnified out of the assets of the Agency against any liability incurred in

defending any proceeding against the Agency, whether civil or criminal, if such

proceedings are brought against the member of the Board or employee in their

official capacity.

(2) Notwithstanding the provisions of subsection (1) of this section, the Agency shall

not indemnify any member of the Board or employee of the Agency for any

liability incurred as a result of the wilful negligence of the member or employee,

as the case may be, or conduct or acts which such person knew or ought to have

known to be unlawful.

E. PETROLEUM TECHNOLOGY DEVELOPMENT FUND

73. Establishment of the Petroleum Technology Development Fund

(1) There shall continue to be the Petroleum Technology Development Fund (“the

Development Fund”) a body corporate with perpetual succession and a

common seal.

(2) The development Fund may sue and be sued in its corporate name.

(3) The Development Fund shall have power to-

(a) enter into contracts and incur obligations;

(b) acquire, hold, mortgage, purchase and deal with property, whether movable

or immovable, real or personal; and

(c) do all such things as are necessary for or incidental to the carrying out of its

functions and duties under this Act.

74. Sources of the Development Fund

There shall be paid into the Development Fund, monies, comprising: 47

(a) the balance of monetary assets outstanding as at the Effective Date in the

accounts of the Petroleum Technology Development Fund established by the

Petroleum Technology Development Act, 2004;

(b) funds and grants accruing from multilateral agencies, bilateral institutions and

related sources dedicated partly or wholly to the development of technology,

capacities and capabilities in the Nigerian petroleum industry;

(c) any other sum, which may from time to time be freely donated or accruing to the

Government or the Development Fund for development of petroleum technology,

capacities and capabilities or the training and education of Nigerians in the

petroleum industry; and

(d) monies in the accounts of the Development Fund together with interest payable

in respect of such monies.

75. Reserve account

(1) The Inspectorate or any other bodies responsible for the collection of the

monies listed under section 74 of this Act shall pay all such sums directly into the

Development Fund’s Reserve Account with the Central Bank of Nigeria not later

than sixty days after such sums have been received.

(2) All monies paid into the Development Fund’s Reserve Account in accordance

with subsection (1) of this section shall be under the control of the Board of the

Development Fund.

(3) The Board of the Development Fund shall not later than 30th September in each

financial year, approve the Development Fund’s Programme of Action with its

cost implications and a statement of estimated income and expenditure for the

following financial year.

(4) The monies in the Development Fund’s Reserve Account which are not

disbursed to the Development Fund in accordance with subsection (3) of this

section shall be held or invested in such manner as may be determined by the

Board subject to the Minister’s approval.

(5) The Development Fund shall maintain operational accounts with any bank as

may from time to time be approved by the Accountant General of the Federation.

(6) The annual audited account of the Reserve Account with the Central Bank of

Nigeria shall be prepared by the Board in consultation with the Accountant

General of the Federation and submitted to the Auditor General of the Federation

within six months of the end of the financial year to which they relate.

(7) The certified annual accounts of the Reserve Account and the audit report

thereon, together with a report on the operations of the Development Fund, shall

be submitted to the National Assembly through the Minister. 48

76. Purpose of the Development Fund

(1) The Development Fund shall be used for the purposes of training Nigerians to

qualify as graduates, professionals, technicians and craftsmen in the fields of

engineering, geology, science and management and other related fields in the

petroleum industry and in particular, and without prejudice to the generality of the

foregoing, the funds shall be utilised to -

(a) provide scholarships and bursaries, wholly or partially in universities,

institutions and in petroleum undertakings in Nigeria or abroad;

(b) maintain, supplement, or subsidise such training or education as specified

in this subsection;

(c) make suitable endowments to faculties in Nigerian universities, colleges, or

institutions as may be approved by the Board;

(d) initiate, design and implement effective indigenous research and capacity

development for Nigeria’s petroleum industry;

(e) liaise with research centres in Nigeria and abroad on the adaptation of

technology and innovations appropriate for the needs of the Nigerian

petroleum industry;

(f) use existing human resources development facilities in Nigeria for purposes

of expanding manpower development programme in the petroleum

industry;

(g) where applicable, support skill acquisition programmes aimed at enhancing

employment in the petroleum industry in Nigeria;

(h) periodically compute, evaluate and update the basic needs of Nigeria’s

petroleum industry in terms of skills, expertise and know-how;

(i) enhance and develop infrastructure in tertiary institutions that provide

courses of study relevant to the petroleum industry;

(j) make available suitable books and training equipment in the Nigerian

tertiary institutions;

(k) sponsor visits to oilfields, refineries and petrochemical plants for the

purpose of training;

(l) arrange attachments of trainees and other personnel to establishments

connected with the development of the petroleum industry;

(m) sponsor or finance participation of Nigerians in petroleum related seminars,

workshops and conferences within or outside Nigeria; and 49

(n) engage in any other activity incidental to the Development Fund’s mandate

as may be approved from time to time by the Board.

77. Establishment of the Board

(1) There shall be for the Development Fund a Board(in this Act referred to as “the

Board”).

(2) The Board shall consist of—

(a) the Minister who shall be the chairman.

(b) one representative of the Federal Ministry of Finance not below the rank of

a director;

(c) one representative of the Inspectorate not below the rank of a director;

(d) one representative from the Nigerian Content Development and Monitoring

Board;

(e) the Executive Secretary of the Development Fund;

(f) the Principal, Petroleum Training Institute;

(g) a representative of the Society of Petroleum Engineers;

(h) a representative of the Nigerian Society of Engineers; and

(i) six persons to be appointed by the President from the six geopolitical zones

on the recommendation of the Minister who shall possess a minimum of

fifteen years professional experience in the Nigerian petroleum industry

five years of which shall be at senior management level.

(3) The persons appointed pursuant to subsection (2)(i) of this section shall hold

office for a term of four years in the first instance which may be renewed for

another term of four years only, on such terms and conditions as may be

specified in the letter of appointment.

(4) Members of the Board referred to in subsection (2)(i) of this section shall be on

part-time basis.

(5) The proceedings of the Board of the Development Fund and other ancillary

matters shall be in accordance with provisions of Second Schedule to this Act.

(6) The conflict of interest provisions contained in the Second Schedule to this Act

shall apply to all members of the Board. 50

78. Functions of the Board

The Board shall:

(a) provide general guidelines relating to the functions of the Development Fund;

(b) approve the annual programme of action for the Development Fund;

(c) approve the annual budget of the Development Fund;

(d) approve the appointment, promotion and discipline of staff of the Development

Fund;

(e) provide annual reports on its activities and progress to the Minister for

presentation to the President; and

(f) do such other things as are necessary, expedient, and in conformity with the

provisions of this Act for the efficient performance of and in connection with all

or any of the functions of the Board under this Act.

79. Remuneration of members of the Board

Members of the Board shall be paid from the funds of the Development Fund such

remuneration and allowances as the Board may determine, in accordance with the

guidelines issued from time to time by the Government.

80. Disqualification

A person shall not be appointed as a member of the Board unless the person -

(a) is a Nigerian citizen;

(b) has not, in terms of the laws in force in any country:

(i) been adjudged or declared bankrupt or insolvent; or

(ii) made an assignment to, or arrangement or composition with his creditors

which has not been rescinded or set aside;

(iii) been declared to be of unsound mind;

(iv) been convicted of an offence involving fraud or dishonesty; or

(v) been disqualified by a competent authority from carrying out any

assignment, responsibility or function in his professional capacity. 51

81. Removal of a member of the Board

(1) A Member of the Board may be suspended or removed from office by the

President if the member –

(a) is found to have been unqualified for appointment as a member of the

Board after his appointment;

(b) has demonstrated inability to effectively perform the duties of his office;

(c) has been absent from five consecutive meetings of the Board without the

consent of the Chairman except for good reason shown for such absence;

(d) commits an act of serious misconduct;

(e) in the case of a person possessed of professional qualifications, is

disqualified or suspended from practicing his profession in any part of the

world by an order of a competent authority; or

(f) is in a breach of the conflict of interest rules set out in the Fourth Schedule

to this Act.

82. Resignation of a member of the Board

A member of the Board may resign his office by giving three months written notice

addressed to the President through the Minister.

83. Vacancy on the Board

(1) A vacancy on the Board shall occur if a member of the Board—

(a) dies;

(b) is removed from office in accordance with section 81 of this Act; or

(c) resigns from office; or

(d) completes his tenure of office.

(2) A vacancy on the Board shall be filled by the appointment of another person to

the vacant office by the President in accordance with section 77 of this Act, as

soon as is reasonably practicable after the occurrence of such vacancy.

84. The Executive Secretary

(1) There shall be for the Development Fund an Executive Secretary appointed by

the President on the recommendation of the Minister. 52

(2) The Executive Secretary shall be a person with vast knowledge and cognate

professional experience in management and selected through a transparent

merit-based recruitment process.

(3) The Executive Secretary shall be the chief executive and accounting officer of

the Development Fund and shall be responsible for the day-to-day administration

of the affairs of the Development Fund subject to the direction of the Board.

85. Tenure, remuneration and conditions of service of the Executive

Secretary

(1) The Executive Secretary shall serve for a term of four years from the date of his

appointment at the expiration of which the President may renew his term for a

further term of four years and no more and on such terms and conditions as may

be specified in the letter of appointment.

(2) The remuneration and conditions of service of the Executive Secretary shall be

at a level sufficient to attract qualified professionals within the petroleum industry.

86. Disqualification

A person shall not be appointed as Executive Secretary of the Development

Fund unless the person -

(a) is a Nigerian citizen;

(b) has not been adjudged or declared bankrupt or insolvent;

(c) has not made an assignment to, or arrangement or composition with

his creditors which has not been rescinded or set aside;

(d) has not been declared to be of unsound mind;

(e) has not been convicted of an offence involving fraud or dishonesty;

(f) has not been disqualified by a competent authority from carrying out any

assignment, responsibility or function in his professional capacity in any part

of the world;

87. Removal of the Executive Secretary from office

The President may remove the Executive Secretary from office if -

(a) he commits an act of serious misconduct in relation to his duties as

Executive Secretary;

(b) he has demonstrated inability to effectively perform the duties of the office;

or53

(c) the President is satisfied that it is not in the interest of the Development Fund

or the public that the Executive Secretary should continue in office.

88. Other staff

(1) The Board may appoint such other persons as employees of the Development

Fund as it deems necessary.

(2) The employment of staff of the Development Fund shall be subject to

such terms and conditions as may from time to time be stipulated by the

Board and contained in the respective staff’s employment contracts.

(3) The Board of the Development Fund shall make staff regulations generally

relating to the conditions of service of its employees, and in particular, but

without prejudice to the generality of the foregoing, such regulations may

provide for -

(a) the appointment, promotion, dismissal and discipline of employees;

and

(b) appeals by the employees against dismissal or other disciplinary

measures; and

(c) the grant of pensions, gratuities and other retirement allowances to the

employees;

(4) Staff of the Development Fund shall be public officers as defined in the

Constitution.

(5) For the purpose of this section, appointment shall include secondment, transfer

and contract appointments

89. Remuneration

(1) The Board of the Development Fund shall develop and implement appropriate

conditions of service for its staff with particular regard to the issues of

remuneration, pension scheme and other service benefits, sufficient for the

Development Fund to attract and retain highly qualified manpower.

(2) The Board shall determine and review from time to time, the remuneration and

allowances, payable to the staff of the Development Fund in accordance with

guidelines prescribed by Government from time to time.

90. Pensions

(1) Employment in the Development Fund shall be subject to the provisions of the

Pensions Reform Act and officers and employees of the Development Fund shall 54

be entitled to pension and other retirement benefits as prescribed under the

Pension Reform Act.

(2) Subsection (1) of this section shall not prohibit the Development Fund from

appointing a person to any office on terms that preclude the grant of a pension or

other retirement benefits in respect of that office.

91. Financial provisions

(1) The Development Fund shall not later than 30th September or such other date to

be determined by the Minister in each financial year, prepare and present to the

National Assembly for appropriation, a statement of estimated income and

expenditure for the following financial year.

(2) Notwithstanding the provisions of subsection (1) of this section, the Development

Fund may also, in any financial year, submit supplementary or adjusted

statements of estimated income and expenditure to the National Assembly for

appropriation.

(3) The financial year of the Development Fund shall be a period of twelve calendar

months commencing on the 1st of January in each year.

92. Power to accept gifts

(1) The Development Fund may accept gifts of money or other property upon such

terms and conditions as may be specified by the person or organisation making

the gift provided such gifts are not inconsistent with the objectives and functions

of the Development Fund under this Act.

(2) Nothing in subsection (1) of this section or in this Act shall be construed so as to

allow any member of the Board or staff of the Development Fund to accept gifts

for their personal use.

93. Accounts and audit

The Development Fund shall keep proper accounts of its income and expenditure in

respect of each financial year and shall cause its accounts to be audited within six

months after the end of each year by auditors appointed by the Development Fund

from a list and in accordance with the guidelines supplied by the Auditor-General for

the Federation.

94. Mid-year and annual reports

(1) The Board shall submit to the Minister a mid-year report of its operations and

finances not later than 31st August of each year and an annual report of its

operations, performance and audited financial report of the preceding year not

later than 31st May of the following year. 55

(2) A summary of the annual report and audited financial report of the Development

Fund for the previous year shall be published on the website of the Development

Fund for public notice not later than 31st of July of each year.

95. Exemption from income tax

(1) All income derived by the Development Fund from the sources specified in

section 74 of this Act shall be exempt from income tax and all contributions to the

Development Fund made by persons subject to the payment of tax shall be tax

deductible.

(2) The Development Fund may, subject to the approval of the Board and the

conditions of any trust created in respect of any property, invest all or any of its

funds in any security prescribed by the Trustees Investment Act subject to the

approval of the Minister, or in such other securities as the Minister may approve.

96. Legal proceedings

(1) Subject to the provisions of this Act, the provisions of the Public Officers

Protection Act shall apply in relation to any suit instituted against the

Development Fund, the Executive Secretary, a member of the Board, an officer

or employee of the Development Fund.

(2) No suit shall lie against the Development Fund, a member of the Board, the

Executive Secretary or any other officer or employee of the Development Fund

for any act done in pursuance or execution of this Act or any other law or

enactment, or of any public duty or authority in respect of any alleged neglect or

default in the execution of this Act or any other law or enactment, duty or

authority, or be instituted in any court unless it is commenced—

(a) within three months next after the act, neglect or default complained of ; or

(b) in the case of a continuation of damage or injury, within six months next

after the ceasing of the act complained of.

(3) No suit shall be commenced against the Development Fund, a member of the

Board, the Executive Secretary or any officer or employee of the Development

Fund before the expiration of a period of one month after written notice of the

intention to commence the suit shall have been served on the Development Fund

by the intending plaintiff or his agent.

(4) The notice referred to in subsection (3) of this section shall clearly and explicitly

state the cause of action, the particulars of the claim, the name and address of

the intending plaintiff and the relief which he claims. 56

97. Service of court processes on the Development Fund

A notice, summons or other document required or authorised to be served on the

Development Fund under the provisions of this Act or any other law or enactment may

be served by delivering it to the office of the Executive Secretary of the Development

Fund or any of its Directors.

98. Restriction on execution against the Development Fund’s property

(1) In any action or suit against the Development Fund, no execution or attachment

of its physical property shall be issued and any judgment against the

Development Fund may be enforced through garnishee proceedings provided

that not less than three months notice of the intention to commence the

garnishee proceedings shall have been given to the Development Fund.

(2) Any sum of money which may by the judgment of any court be awarded against

the Development Fund shall, subject to any direction given by the court where no

notice of appeal against the judgment has been given, be paid by the Fund .

99. Indemnity

(1) Every member of the Board and every employee of the Development Fund shall

be indemnified out of the assets of the Development Fund against any liability

incurred in defending any proceeding against the Development Fund, whether

civil or criminal, if such proceedings are brought against the member of the

Board or employee in their official capacity.

(2) Notwithstanding the provisions of subsection (1) of this section, the Development

Fund shall not indemnify any member of the Board or employee of the

Development Fund for any liability incurred as a result of the wilful negligence of

the member or employee, as the case may be, or conduct or acts which such

person knew or should have known to be unlawful.

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