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CHAPTER 16
Finance
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Article
124 - Transfer of Government Assets |
| The assets mentioned
in Schedule 5 hereof shall vest in the Government of Namibia
on the date of Independence. |
Article
125 - The State Revenue Fund |
| (1) |
The Central Revenue
Fund of the mandated territory of South West Africa instituted
in terms of Section 3 of the Exchequer and Audit Proclamation,
1979 (Proclamation 85 of 1979) and Section 31(1) of Proclamation
R101 of 1985 shall continue as the State Revenue Fund of the
Republic of Namibia. |
| (2) |
All income accruing
to the central Government shall be deposited in the State Revenue
Fund and the authority to dispose thereof shall vest in the Government
of Namibia. |
| (3) |
Nothing contained
in Sub-Article (2) hereof shall preclude the enactment of any
law or the application of any law which provides that: |
| |
(a) |
the Government shall pay any
particular monies accruing to it into a fund designated for a
special purpose; or |
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(b) |
any body or institution to which
any monies accruing to the State have been paid, may retain such
monies or portions thereof for the purpose of defraying the expenses
of such body or institution; or |
| |
(c) |
where necessary, subsidies be
allocated to regional and Local Authorities. |
| (4) |
No money shall be
withdrawn from the State Revenue Fund except in accordance with
an Act of Parliament. |
| (5) |
No body or person
other than the Government shall have the power to withdraw monies
from the State Revenue Fund. |
Article
126 - Appropriations |
| (1) |
The Minister in
charge of the Department of Finance shall, at least once every
year and thereafter at such interim stages as may be necessary,
present for the consideration of the National Assembly estimates
of revenue, expenditure and income for the prospective financial
year. |
| (2) |
The National Assembly
shall consider such estimates and pass pursuant thereto such
Appropriation Acts as are in its opinion necessary to meet the
financial requirements of the State from time to time. |
Article
127 - The Auditor-General |
| (1) |
There shall be an
Auditor-General appointed by the President on the recommendation
of the Public Service Commission and with the approval of the
National Assembly. The Auditor-General shall hold office for
five (5) years unless removed earlier under Sub-Article (4) hereof
or unless he or she resigns. The Auditor-General shall be eligible
for reappointment. |
| (2) |
The Auditor-General
shall audit the State Revenue Fund and shall perform all other
functions assigned to him or her by the Government or by Act
of Parliament and shall report annually to the National Assembly
thereon. |
| (3) |
The Auditor-General
shall not be a member of the public service. |
| (4) |
The Auditor-General
shall not be removed from office unless a two-thirds majority
of all the members of the National Assembly vote for such removal
on the ground of mental incapacity or gross misconduct. |
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CHAPTER 17
Central Bank and National Planning
Commission
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Article
128 - The Central Bank |
| (1) |
There shall be established by
Act of Parliament a Central Bank of the Republic of Namibia which
shall serve as the State's principal instrument to control the
money supply, the currency and the institutions of finance, and
to perform all other functions ordinarily performed by a central
bank. |
| (2) |
The Governing Board of the Central
Bank shall consist of a Governor, a Deputy-Governor and such
other members of the Board as shall be prescribed by Act of Parliament,
and all members of the Board shall be appointed by the President
in accordance with procedures prescribed by such Act of Parliament. |
Article
129 - The National Planning Commission |
| (1) |
There shall be established in
the office of the President a National Planning Commission, whose
task shall be to plan the priorities and direction of national
development. |
| (2) |
There shall be a Director-General
of Planning appointed by the President in terms of Article 32(3)(i)(dd)
hereof, who shall be the head of the National Planning Commission
and the principal adviser to the President in regard to all matters
pertaining to economic planning and who shall attend Cabinet
meetings at the request of the President. |
| (3) |
The membership, powers, functions
and personnel of the National Planning Commission shall be regulated
by Act of Parliament. |