Republic of Namibia
14
Annotated Statutes
Namibian Broadcasting Act 9 of 1991
to assist the Corporation in the exercise of any power or the carrying out of any
function under this section.
Loans by Corporation
19.
(1)
The Corporation may -
(a)
with the approval of the board raise moneys at any time by way of loans repayable
within a period not longer than 5 years by overdrawing its account with a bank or
in any other manner, to meet any casual deficits that may arise from time to time;
(b)
with the approval in writing of the Minister previously obtained in every particular
case, raise moneys by way of any other loan in such an amount as may be
authorised by the Minister.
(2) When approval is granted to the Corporation under paragraph (b) of subsection (1)
to raise a loan, the Corporation may raise such loan on such conditions and in such manner as
may be determined by the Minister by stock or debentures issued in Namibia.
(3) Every loan contemplated in paragraph (b) of subsection (1) and any interest or
other charges due in respect of such loan, shall be a first charge on all the revenues and assets of
the Corporation and on all fees and charges received or to be received by it.
Funds of Corporation
20.
(1)
Subject to the provisions of section 34(6), the Corporation shall maintain -
(a)
a general fund into which shall be paid all moneys appropriated by law for the
benefit of the Corporation and all other moneys received by the Corporation, and
from which all payments by the Corporation for which no provision is made by
means of the depreciation fund or the redemption fund shall be made;
(b)
a depreciation fund into which an amount determined by the board shall be paid
from the general fund at the end of each financial year of the Corporation and
which shall be utilised for the defrayment of costs in respect of the replacement of
any obsolete plant or equipment and of exceptional repairs to, or the improvement
of, any plant or equipment used by the Corporation, but which shall not be utilised
to defray the costs of the ordinary maintenance of any such plant or equipment;
(c)
a redemption fund into which shall be paid all interest derived from the investment
of moneys in terms of subsection (2) in equal annual payments determined by the
board which shall be a sum not less than a sum as will, with accumulations in the
way of compound interest at the rate of 10 per cent per annum, be sufficient to
redeem any loan raised under section 19(1)(b) within the period of such a loan, and
from which shall be paid all amounts necessary in respect of the redemption of any
such loan.
(2)
Notwithstanding the provisions of subsection (1), the Corporation may -
(a)
invest, with such financial institution as may be approved by the Minister, any
moneys in the depreciation fund and the redemption fund which are not required
for immediate use or as a reasonable working balance;
(b)
transfer any moneys in the depreciation fund to the general fund, with the approval
in writing of the Minister previously obtained in every particular case and subject