N.W.F.P SPORTS FOUNDATION (AMENDMENT) ACT, 2006. (N.-W.F.P. ACT NO. VII OF 2006)

NOTIFICATION
Dated Peshawar, 7th December, 2006.

No. PA/NWFP/Legis-I/2006/27105.-The North-West Frontier Province Sports Foundation (Amendment) Bill, 2006 having been passed by the Provincial Assembly of the North-West Frontier Province on the 14th November, 2006 and assented to by the Governor of the North-West Frontier Province on 23rd November, 2006 is hereby published as an Act of the Provincial Legislature of the North-West Frontier Province.

THE N.W.F.P SPORTS FOUNDATION (AMENDMENT) ACT, 2006.
(N.-W.F.P. ACT NO. VII OF 2006)
[First published after having received the assent of the Governor of the North-West Frontier Province in the Gazette of the N.-W.F.P. (Extraordinary), dated the 7th December. 2006].
AN
ACT
to amend the North-West Frontier Province Sports Foundation Act, 2003.
WHEREAS it is expedient, to amend the North-West Frontier Province Sports Foundation Act, 2003 (N.-W.F.P. Act No. XI of 2003), for the purposes hereinafter appearing;

It is hereby enacted as follows:—

1. Short title and commencement.— (1) This Act may be called the North-West Frontier Province Sports Foundation (Amendment) Act, 2006.

(2)        It shall come into force at once.
2.         Amendment of section 2 of N.-W.F.P. Act No. XI of 2003.---  In the North-West Frontier Province Sports Foundation Act, 2003 (N.-W.F.P. Act No. XI of 2003), hereinafter referred to as the said Act, in section 2, for clause (c), the following shall be substituted, namely:
"(c)      'Fund' means the Endowment Fund of the Foundation established under section 7 of this Act;".
3.         Amendment of section 7 of N.-W.F.P. Act No. XI of 2003.- In the said Act, for section 7, the following shall be substituted, namely:
"7.        Endowment Fund.—  (1) There shall be an Endowment Fund  of the Foundation, hereinafter referred to as ‘the Fund’.
(2)        The Fund shall comprise of— .

1. grants-in-aid made by Government;
2. donations received by the Foundation from any other source; and
3. income generated by the Foundation in the manner approved by Government.
4. The Fund shall be kept in a Bank or in any of the profitable Government sponsored schemes or in other profitable use, as may be approved by the Government.
5. The profit accrued on the Fund shall be utilized for the purposes of the Foundation.

(5)        The accounts of the Fund shall be audited by a chartered accountant, duly authorized by the Administrative Committee, once in a year, and the statement of audited accounts shall be placed before the Administrative Committee for approval.''.
------------------------------