This is the version of this Act as it was from 19 November 2015 to 16 October 2022. Read the latest available version.
Seychelles Conservation and Climate Adaptation Trust Act, 2015
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Seychelles
Seychelles Conservation and Climate Adaptation Trust Act, 2015
Act 18 of 2015
- Published in Supplement to Official Gazette on 19 November 2015
- Assented to on 16 November 2015
- Commenced on 19 November 2015 by Conservation and Climate Adaptation Trust of Seychelles Act, 2015 (Commencement) Notice, 2015
- [This is the version of this document as it was from 19 November 2015 to 16 October 2022.]
Part I – Preliminary
1. Short title and commencement
2. Interpretation
In this Act, unless the context otherwise requires—“administrative expenses” means the expenditure incurred for payments of—(i)salaries and employment benefits to staff;(ii)fees to consultants engaged by the Trust; and(iii)expenses to meet the costs for training of staff, publications, office operation costs, staff vehicle, staff travel and such other costs as may be prescribed by regulations;“annual workplan” means the work plan approved each fiscal year by the Board for spending the anticipated revenues of the Trust;“Board” means the Board of Directors of the Trust appointed under section 8 and formally constituted under section 8(4);“budget” means an annual budget of the Trust which sets forth the costs of—(i)monitoring and evaluating the Seychelles system of protected areas,(ii)administration of the Trust; and(iii)grants and financial commitments to projects consistent with the objects of the Trust;“Chairperson” means the Chairperson of the Board appointed under section 10;“Chief Executive Officer” means the Chief Executive Officer appointed by the Board in accordance with section 12;“debt swap incomes” means the payments received by the Trust in respect of the debt swap transactions during the first 20 years of the commencement of this Act;“debt swap transaction” means any purchase by the Trust of a portion of the sovereign debt of the Seychelles at a discount and any other arrangements or agreements entered into between the Trust and the Seychelles in respect of repayment, rescheduling, forgiveness or cancellation of such debt;“eligible protected area” means a protected area determined as such by the Trust taking into account its biodiversity and natural, marine, social, infrastructure, scientific or scenic values;“Endowment Fund” means the Endowment Fund referred to in section 21;“ex officio Director” means a Director of the Board appointed under section 7(2)(a);“fiscal year” means the period of 12 months from 1st January to 31st December;“investment guidelines” means the investment policy, objectives and guidelines approved by special majority vote;“Minister” means the Minister responsible for finance;“operational manual” means the operational manual approved by the Board for coordinating the anticipated activities and providing for the administrative policy guidance and instructions of the Trust;“protected area” means an area of land or sea especially dedicated to the protection and maintenance of biological diversity or natural resources, managed through a legal or other effective means;“Seychelles system of protected areas” means the system of protection and maintenance of the protected areas of Seychelles and includes any other eligible protected area;“special majority vote” means the affirmative vote of—(i)each of the ex officio Directors; and(ii)at least two-thirds of other Directors appointed under section 7(2)(b);“The Nature Conservancy” means the charitable environmental organisation founded in the year of 1951 with its headquarters situated in the United States of America;“Trust” means the Conservation and Climate Adaptation Trust of Seychelles established under section 4.3. Act to prevail over other laws
Part II – Establishment of Trust, its objects, functions and powers
4. Establishment of Trust
There is hereby established a trust to be called as the Conservation and Climate Adaptation Trust of Seychelles, which shall be a corporate body.5. Objects of Trust
The objects of the Trust shall be to—6. Functions and powers of trust
Part III – Board of Directors of Trust, its powers and functions
7. Board of Directors
8. Appointment of non official Directors and reconstitution of Board
9. Terms of office of Directors of Board
10. Chairperson, Vice-chairperson, and Treasurer
The Board shall, at the first meeting after its format constitution under section 8(4), elect from amongst the Directors, a Chairperson, Vice-Chairperson, Treasurer and Secretary of the Board.11. Meetings of Board
12. Chief Executive Officer
13. Committees of Board
14. Staff of Trust
The Board shall, on such terms and conditions as may be determined in the operational manual of the Board, employ such persons as may be necessary in the performance of functions of the Trust, subject to the budgetary and other restrictions prescribed by regulations.15. Powers and functions of Board
16. Board to be trustee
The Board shall be the trustee of the Trust and each Director of the Board stands in a fiduciary relationship toward the Trust and shall discharge his or her duties in good faith.17. Liabilities of Directors of Board
18. Disclosure of interest
A Director or the Chief Executive Officer of the Board, who has direct or indirect interest in any matter to be decided by the Board, shall—19. Removal of Directors of Board
A Director may, subject to a special majority vote, be removed from office, who—20. Remuneration of Director
The Directors shall serve on a voluntary basis and shall not receive any remuneration or allowances for holding office as Directors, provided a Director may be paid such reasonable expenses incurred by the Director in connection with the affairs of the Trust, as may be determined in the operational manual by the Board.Part IV – Finance, accounts and audit
21. Assets of Trust
22. Revenue of Trust
23. Eligibility of payments
Subject to the requirements provided in the operational manual, an agency shall be eligible for a payment from the Trust, if—24. Investment of assets of Trust
25. Annual workplan and budget
26. Limit on administrative expenses
The Trust may, in each fiscal year use, up to 25 percent of its annual budget referred to in section 25(1), for a period of 2 fiscal years, and thereafter, not more than 15 percent of its annual revenue for meeting administrative expenses.27. Accounts of trustee
28. Exemption from taxation
Part V – Miscellaneous
29. Dissolution of Trust
30. Application of provision of Penal Code
The Directors, officers, employees of the Trust or any other person acting under the direction of the Trust shall be deemed to be employed in the public service for the purpose of sections 91 to 96 of the Penal Code.31. Regulations
The Minister shall, on the advice of the Board, make regulations, consistent with this Act, for carrying into effect the provisions of this Act which may provide for all or any of the following matters—32. Rules
The Trust shall make rules, consistent with this Act and the regulations made under section 31, for carrying into effect the provisions of this Act which may provide for all or any of the following matters—History of this document
17 October 2022
19 November 2015 this version
Published in Supplement to Official Gazette
16 November 2015
Assented to