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Development Fund (Amendment) Act 2021

REPUBLIC OF NAURU

DEVELOPMENT FUND (AMENDMENT) ACT 2021

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No. 6 of 2021

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An Act to amend the Development Fund Act 2011.

Certified: 31^st March 2021

Table of Provisions

Enacted by the Parliament of Nauru as follows:

1 Short title

This Act may be cited as the Development Fund (Amendment) Act 2021.

2 Commencement

This Act commences on certification by the Speaker.

3 Amendment of the Development Fund Act 2011

The Development Fund Act 2011 is amended by the provisions of this Act.

4 Amendment of Section 3

Section 3 is amended by:

(a) deleting the following definitions wherever they appear:

• (i) ‘first quarter’ is the period from 1 July to 30 September in any year;
  
• (ii) ‘second quarter’ is the period from 1 October to 31 December in any year;
  
• (iii) ‘third quarter’ is the period from 1 January to 31 March in any year.
  

(b) inserting the word ‘and’ immediately after the definition of ‘reportable deviation’;

(c) deleting the ‘semicolon’ and inserting a ‘fullstop’ immediately after the definition of ‘the Fund; and

(d) inserting the following in alphabetical order:

‘financial year’ means the year commencing from the 1^st day of July of a year and ending on 30^th June of the following year;

‘mid-financial year’ means the period from 1 July to 31 December in a financial year;.

5 Amendment of Section 7

Subsection 7(3)(c) is amended by deleting ‘(whether previously reported or not)’ wherever they appear.

6 Amendment of Section 8

Section 8 is deleted and substituted as follows:

‘8 Mid-financial year reporting requirements

(1) The Minister shall table in Parliament a report showing the actual income and expenditure of the Fund for the first 6 months of the financial year (‘mid-financial year report’).

(2) The report shall be tabled within 2 sitting days after the end of the 6 months period.

(3) The report shall:

• (a) show each item of income and expenditure separately by reference to the development project to which it relates; and
  
• (b) specify the source of each item of income.’