Zambia

Competition and Fair Trading Act, 1994

Chapter 417

Legislation as at 31 December 1996

Note: This Act was repealed on 9999-01-01 by Competition and Consumer Protection Act, 2010 (Act 24 of
2010).

There may have been updates since this file was created.

PDF created on 18 December 2024 at 11:42.

Collection last checked for updates: 31 December 1996.

View online

About this collection

The legislation in this collection has been reproduced as it was originally printed in the Government Gazette, with
improved formatting and with minor typographical errors corrected. All amendments have been applied directly to
the text and annotated. A scan of the original gazette of each piece of legislation (including amendments) is available
for reference.

www.laws.africa
info@laws.africa

FRBR URI: /akn/zm/act/1994/18/eng@1996-12-31

There is no copyright on the legislative content of this document.

This PDF copy is licensed under a Creative Commons Attribution 4.0 License (CC BY 4.0). Share widely and freely.

i
Competition and Fair Trading Act, 1994 (Chapter 417)
Contents
Part I – Preliminary ............................................................................................................................................................................................ 1

1. Short title .................................................................................................................................................................................................... 1

2. Interpretation ............................................................................................................................................................................................. 1

3. Non-application ........................................................................................................................................................................................ 2

Part II – Zambia Competition Commission ................................................................................................................................................ 3

4. Establishment of Commission ............................................................................................................................................................. 3

5. Seal of Commission ................................................................................................................................................................................. 3

6. Functions of Council ............................................................................................................................................................................... 3

Part III – Anti-competitive trade practices, etc. ....................................................................................................................................... 4

7. Enumeration of anti-competitive trade practices ......................................................................................................................... 4

8. Control of mergers and takeovers ..................................................................................................................................................... 4

9. Trade agreements ..................................................................................................................................................................................... 5

10. Anti-competitive trade practices by associations ...................................................................................................................... 5

11. Criteria for controlling monopolies and concentrations of economic power .................................................................. 5

12. Unfair trading .......................................................................................................................................................................................... 6

13. Authorisation of allowable acts ....................................................................................................................................................... 6

Part IV – General ................................................................................................................................................................................................. 6

14. Powers of Executive Director ............................................................................................................................................................ 6

15. Appeals ...................................................................................................................................................................................................... 7

16. Offences and penalties ........................................................................................................................................................................ 7

17. Regulations ............................................................................................................................................................................................... 7

Schedule (Section 4) ........................................................................................................................................................................................... 8

ii
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

Zambia

Competition and Fair Trading Act, 1994

Chapter 417
Commenced on 10 February 1995 by Competition and Fair Trading (Commencement) Order, 1995

[This is the version of this document at 31 December 1996.]

[This legislation has been revised and consolidated by the Ministry of Legal Affairs of the
Government of the Republic of Zambia. This version is up-to-date as at 31st December 1996.]

[Repealed by Competition and Consumer Protection Act, 2010 (Act 24 of 2010) on 1 January 9999]

[Act No. 18 of 1994; 13 of 1994]

An Act to encourage competition in the economy by prohibiting anti-competitive trade practices; to

regulate monopolies and concentrations of economic power; to protect consumer welfare; to strengthen
the efficiency of production and distribution of goods and services; to secure the best possible conditions
for the freedom of trade; to expand the base of entrepreneurship; and to provide for matters connected
with or incidental to the foregoing.

Part I – Preliminary

1. Short title
This Act may be cited as the Competition and Fair Trading Act.

2. Interpretation
In this Act, unless the context otherwise requires—

"affiliated" means associated with each other, formally or informally, by shareholding or otherwise;

"anti-competitive trade practices" means the trade practices enumerated in sections seven, eight, nine
and ten;

"Chairman" means the Chairman of the Commission, elected under paragraph 1 of the Schedule;

"Committee" means a committee of the Commission, established under paragraph 5 of the Schedule;

"consumer" includes any person—

(a) who purchases or offers to purchase goods otherwise than for the purpose of resale but does not
include a person who purchases any goods for the purpose of using them in the production and
manufacture of any other goods or articles forsale;

(b) to whom a service is rendered;

"customer" means a person who purchases goods orservices;

"distribution" includes any act by which goods are sold or services supplied for consideration;

"distributor" means a person who engages in distribution;

"Executive Director" means the Executive Director appointed under paragraph 7 of the Schedule;

"manufacturing" means transforming, on a commercial scale, raw materials into finished or semi-finished
products, and includes the assembling of inputs into finished or semi-finished products but does not
include mining;

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

"member" means a member of the Commission;

"monopoly undertaking" means a dominant undertaking or an undertaking which together with not
more than two independent undertakings—

(a) produces, supplies, distributes or otherwise controls not less than one-half of the total goods of any
description that are produced, supplied or distributed throughout Zambia or any substantial part of
Zambia; or

(b) provides or otherwise controls not less than one-half of the services that are rendered in Zambia or
any substantial part thereof;

"person" includes an individual, a company, a partnership, an association and any group of persons acting
in concert, whether or not incorporated;

"sale" includes an agreement to sell or offer for sale and includes the exposing of goods for sale, the
furnishing of a quotation, whether verbally or in writing, and any other act or notification by which
willingness to enter into any transaction for sale is expressed;

"Secretary" means the person appointed as such under paragraph 8 of the Schedule;

"service" includes the sale of goods where the goods are sold in conjunction with the rendering of a
service;

"supply", in relation to goods, includes supply or resupply by way of sale, exchange, lease, hire or hire
purchase;

"trade association" means a body of persons which is formed for the purpose of furthering the trade
interests of its members or of persons represented by its members; and

"trade practice" means any practice related to the carrying on of any trade and includes anything done or
proposed to be done by any person which affects or is likely to affect the method of trading of any trader
or class of traders or the production, supply or price in the course of trade of any goods, whether real or
personal, or of any service.

3. Non-application
Nothing in this Act shall apply to—

(a) activities of employees for their own reasonable protection as employees;

(b) arrangements for collective bargaining on behalf of employers and employees for the purpose of
fixing terms and conditions of employment;

(c) activities of trade unions and other associations directed at advancing the terms and conditions of
employment of their members;

(d) the entering into an agreement in so far as it contains a provision relating to the use, licence or
assignment of rights under, or existing by virtue of, any copyright, patent or trade mark;

(e) any act done to give effect to a provision of an agreement referred to in paragraph (d);

(f) activities expressly approved or required under a treaty or agreement to which the Republic of
Zambia is a party;

(g) activities of professional associations designed to develop or enforce professional standards

reasonably necessary for the protection of the public; and

(h) such business or activity as the Minister may, by statutory instrument, specify.

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

Part II – Zambia Competition Commission

4. Establishment of Commission
(1) There is hereby established the Zambia Competition Commission which shall be a body corporate
with perpetual succession and a common seal, capable of suing and being sued in its corporate
name and with power, subject to the provisions of this Act, to do all such acts and things as a body
corporate may by law do or perform.

(2) The provisions of the Schedule shall apply as at to the constitution of the Commission and
otherwise in relation thereto.

5. Seal of Commission
(1) The seal of the Commission shall be such device as may be determined by the Commission and shall
be kept by the Secretary.

(2) The affixing of the seal shall be authenticated by the Chairman or the Vice-Chairman and the
Secretary or any other person authorised in that behalf by a resolution of the Commission.

(3) Any contract or instrument which if entered into or executed by a person not being a body
corporate would not be required to be under seal may be entered into or executed without seal on
behalf of the Commission by the Secretary or any other person generally or specifically authorised
by the Commission in that behalf.

6. Functions of Council
(1) It shall be the function of the Council to monitor, control and prohibit acts or behaviour likely to
adversely affect competition and fair trading in Zambia.

(2) Without limiting the generality of subsection (1), the functions of the Council shall be—

(a) to carry out, on its own initiative or at the request of any person, investigations in relation
to the conduct of business, including the abuse of a dominant position, so as to determine
whether any enterprise is carrying on anti-competitive trade practices and the extent of such
practices, if any;

(b) carry out investigations on its own initiative or at the request of any person who may be
adversely affected by a proposed merger;

(c) to take such action as it considers necessary or expedient to prevent or redress the creation
of a merger or the abuse of a dominant position by any enterprise;

(d) to provide persons engaged in business with information regarding their rights and duties
under this Act;

(e) to provide information for the guidance of consumers regarding their rights under this Act;

(f) to undertake studies and make available to the public reports regarding the operation of this
Act;

(g) to co-operate with and assist any association or body of persons to develop and promote
the observance of standards of conduct for the purpose of ensuring compliance with the
provisions of this Act; and

(h) to do all such acts and things as are necessary, incidental or conducive to the better carrying
out of its functions under this Act.

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 3
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

Part III – Anti-competitive trade practices, etc.

7. Enumeration of anti-competitive trade practices

(1) Any category of agreements, decisions and concerted practices which have as their object the
prevention, restriction or distortion of competition to an appreciable extent in Zambia or in any
substantial part of it are declared anti-competitive trade practices and are hereby prohibited.

(2) Subject to the provisions of subsection (1), enterprises shall refrain from the following acts or
behaviour if, through abuse or acquisition of a dominant position of market power, they limit access
to markets or otherwise unduly restrain competition, or have or are likely to have adverse effect on
trade or the economy in general:

(a) predatory behaviour towards competition including the use of cost pricing to eliminate
competitors;

(b) discriminatory pricing and discrimination, in terms and conditions, in the supply or purchase
of goods or services, including by means of pricing policies in transactions between affiliated
enterprises which overcharge or undercharge for goods or services purchased or supplied
as compared with prices for similar or comparable transactions outside the affiliated
enterprises;

(c) making the supply of goods or services dependant upon the acceptance of restrictions on the
distribution or manufacture of competing or other goods;

(d) making the supply of particular goods or services dependant upon the purchase of other
goods or services from the supplier to the consignee;

(e) imposing restrictions where or to whom or in what form or quantities goods supplied or
other goods may be sold or exported;

(f) mergers, takeovers, joint ventures or other acquisitions of control whether of horizontal,
vertical or conglomerate nature; or

(g) colluding, in the case of monopolies of two or more manufacturers, wholesalers, retailers,
contractors or suppliers of services, in setting a uniform price in order to eliminate
competition.

8. Control of mergers and takeovers

(1) Any persons who, in the absence of authority from the Commission, whether as a principal or agent
and whether by himself or his agent, participates in effecting—

(a) a merger between two or more independent enterprises engaged in manufacturing or

distributing substantially similar goods or providing substantially similar services;

(b) a takeover of one or more such enterprises by another enterprise, or by a person who controls
another such enterprise;

shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding ten
thousand penalty units or imprisonment not exceeding five years or to both.

(2) No merger or takeover made in contravention of subsection (1) shall have any legal effect and
no rights or obligations imposed on the participating parties by any agreement in respect of the
merger or takeover shall be legally enforceable.

[As amended by Act No. 13 of 1994]

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 4
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

9. Trade agreements
(1) It shall be an offence for enterprises engaged on the market in rival or potentially rival activities to
engage in the practices appearing in subsection (2) where such practices limit access to markets or
otherwise unduly restrain competition;

Provided that this subsection shall not apply where enterprises are dealing with each other in the
context of a common entity wherein they are under common control or where they are otherwise
not able to act independently of each other.

(2) This section applies to formal, informal, written and unwritten agreements and arrangements.

(3) For the purposes of subsection (1), the following are prohibited:

(a) trade agreements fixing prices between persons engagedin the business of selling goods or
services, or purchaseof goods or services between persons, or limit or restrictthe terms and
conditions of sale or supply or purchase between persons engaged in the sale of purchased
goods or services;

(b) collusive tendering;

(c) market or customer allocation agreements;

(d) subject to the Coffee Act, allocation by quota as to sales and production;

[Cap. 228]

(e) collective action to enforce arrangements;

(f) concerted refusals to supply goods and services to potential purchasers; or

(g) collective denials of access to an arrangement or association which is crucial to competition.

10. Anti-competitive trade practices by associations

The following practices conducted by or on behalf of a trade association are declared to be anti-
competitive trade practices:

(a) unjustifiable exclusion from a trade association of any person carrying on or intending to carry on
in good faith the trade in relation to which the association is formed; or

(b) making of recommendations, directly or indirectly, by a trade association, to its members or to any
class of its members which relate to—

(i) the prices charged or to be charged by such members or any such class of members or to the
margins included or to be included in the prices or to the pricing formula used or to be used
in the calculation of those prices; or

(ii) the terms of sale (including discount, credit, delivery, and product and service guarantee
terms) of such member or any class of members and which directly affects prices or profit
margins included in the pricing formula.

11. Criteria for controlling monopolies and concentrations of economic power

(1) The Commission shall keep the structure of production of goods and services in Zambia under
review to determine where concentration of economic power exist whose detrimental impact on the
economy outweigh the efficiency advantages, if any.

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 5
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

(2) For the purposes of subsection (1) but without limiting the generality thereof, the Commission shall
consider whether—

(a) a person controls a chain of distributing units the value of whose sales accounts for a
significant portion of the relevant market;

(b) a person, by virtue of controlling two or more physically distinct enterprises which
manufacture substantially similar goods, supplies a significant portion of the domestic
market at unreasonably low prices; or

(c) a person has substantial shares in a manufacturing enterprise and whether he

simultaneously has a beneficial interest, however small, of outstanding shares in one or two
wholesale or retail enterprises which distribute products of the manufacturing enterprise.

12. Unfair trading

A person shall not—

(a) withhold or destroy producer or consumer goods, or render unserviceable or destroy the means of
production and distribution of such goods, whether directly or indirectly, with the aim of bringing
about a price increase;

(b) exclude liability for defective goods;

(c) in connection with the supply of goods or services, make any warranty—

(i) limited to a particular geographic area or sales point;

(ii) falsely represent that products are of a particular style, model or origin;

(iii) falsely represent that the goods are new or of specified age; or

(iv) represent that products or services have any sponsorship, approval, performance and quality
characteristics, components, materials, accessories, uses or benefits which they do not have;

(d) engage in conduct that is likely to mislead the public as to the nature, price, availability,
characteristics, suitability for a given purpose, quantity or quality of any products or services; or

(e) supply any product which is likely to cause injury to health or physical harm to consumers,
when properly used, or which does not comply with a consumer safety standard which has been
prescribed under any law.

13. Authorisation of allowable acts

(1) The Commission may authorise any act which is not prohibited outright by this Act, that is, an act
which is not necessarily illegal unless abused if that act is considered by the Commission as being
consistent with the objectives of this Act.

(2) The Minister may, on the recommendation of the Commission, by statutory instrument, make
regulations prescribing the particulars to be furnished to the Commission for the purposes of
subsection (1).

Part IV – General

14. Powers of Executive Director

(1) Where the Executive Director or any officer has reasonable cause to believe that an offence under
this Act or any regulations made hereunder has been or is being committed, he may seek from a
court a warrant granting—

(a) authority to enter any premises;

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 6
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

(b) access to, or production of, any books, accounts or other documents relating to the trade
or business of any person and the taking of copies of any such books, accounts or other
documents:

Provided that any books, accounts or other documents produced shall be returned forthwith if they
are found to be irrelevant.

(2) In the exercise of the powers contained in subsection (1), the Executive Director or other officer of
the Council may be accompanied or assisted by any such police officers as he thinks necessary to
assist him to enter into or upon any premises.

15. Appeals
Any person aggrieved by a decision of the Commission made under this Act or under any regulations
made hereunder may, within thirty days after the date on which a notice of that decision is served on him,
appeal to the High Court.

16. Offences and penalties

(1) Any person who—

(a) contravenes or fails to comply with any provision of this Act or any regulations made
hereunder, or any directive or order lawfully given, or any requirement lawfully imposed
under this Act or any regulations made hereunder, for which no penalty is provided;

(b) omits or refuses—

(i) to furnish any information when required by the Commission to do so; or

(ii) to produce any document when required to do so by a notice sent by the Commission:
or

(c) knowingly furnishes any false information to the Commission;

shall be guilty of an offence and shall be liable upon conviction to a fine not exceeding one hundred
thousand penalty units or imprisonment for a term not exceeding five years or to both.

(2) If the offence is committed by a body corporate, every director and officer of such body corporate,
or if the body of persons is a firm, every partner of that firm, shall be guilty of that offence provided
that no such director, officer or partner shall be guilty of the offence if he proves on a balance of
probability that such offence was committed without his knowledge or consent, or that he exercised
all due diligence to prevent the commission of the offence.

[As amended by Act No. 13 of 1994]

17. Regulations
The Commission may, with the approval of the Minister, by statutory instrument, make regulations
governing—

(a) anything which under this Act is required or permitted to be prescribed;

(b) any forms necessary or expedient for purposes of this Act;

(c) any fees payable in respect of any service provided by the Commission; or

(d) such other matters as are necessary or expedient for the better carrying out of the purposes of this
Act.

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 7
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

Schedule (Section 4)

Zambia Competition Commission

1. Composition of Commission
(1) The Commission shall consist of—

(a) a representative from each of the Ministries responsible for finance, and commerce and
industry;

(b) a representative of the Zambia Bureau of Standards;

(c) two representatives from the Zambia Chamber of Commerce and Industry, each representing
different sections of that body;

(d) a representative of the Law Association of Zambia;

(e) a representative of the Zambia Federation of Employers;

(f) a representative of the Zambian Congress of Trade Unions;

(g) two persons representing consumer interests and appointed by the Minister;

(h) a representative of the Engineering Institution of Zambia;

(i) a representative of the accounting profession; and

(j) the Economics Association of Zambia.

(2) All members shall be nominated by their respective institutions and shall be appointed by the
Minister.

(3) The Chairman and the Vice-Chairman shall be elected by the Commission from amongst its
members:

Provided that the members appointed under items (a) and (b) of sub-paragraph (1) shall not be
elected as Chairman or Vice-Chairman.

2. Tenure of office and vacancy

(1) The members shall hold office for a period of three years from the date of appointment and may,
upon the expiration of that term, be re-appointed for a like term and, for this purpose, paragraph 1
(2) of this Schedule shall apply.

(2) A member referred to in items (b), (c), (d), (e), (f), (g) and (h) of paragraph 1 (1) of this Schedule
may resign upon giving one month's notice in writing to the organisation which nominated him and
to the Minister and shall be removed by the Minister at any time if the body which nominated him
withdraws its recognition and so informs the Minister in writing.

(3) The office of a member shall become vacant—

(a) upon his death;

(b) if he is absent without reasonable excuse from three consecutive meetings of the
Commission of which he has had notice; or

(c) if he is lawfully detained or his freedom of movement is restricted for a period exceeding six
months;

(d) if he becomes an undischarged bankrupt;

(e) if he becomes of unsound mind; or

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 8
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

(f) by operation sub-paragraph (2).

3. Remuneration and allowances

A member shall be paid such remuneration or allowances as the Council may, subject to the approval of
the Minister, determine.

4. Proceedings of Commission
(1) Subject to the other provisions of this Act, the Commission may regulate its procedure.

(2) The Commission shall meet as often as necessary or expedient for the discharge of its business and
such meetings shall be held at such places, times and days as the Commission may determine.

(3) The Chairman may at any time call a meeting of the Commission and shall call a special meeting to
be held within ten days of receipt of a written request for that purpose addressed to him by at least
one-third of the members of the Commission.

(4) Seven members shall form a quorum at any meeting of the Commission.

(5) There shall preside at any meeting of the Commission—

(a) the Chairman;

(b) in the absence of the Chairman, the Vice-Chairman; or

(c) in the absence of both the Chairman and Vice-Chairman, such member as the members
present may elect for the purpose of the meeting.

(6) The decision of the Commission shall be by a majority of members present and voting at the
meeting and, in the event of an equality of votes, the Chairman or other person presiding at the
meeting shall have a casting vote in addition to his deliberative vote.

(7) The Commission may invite any person, whose presence is in its opinion desirable, to attend and to
participate in the deliberation of a meeting of the Commission but such person shall have no vote.

(8) The validity of any proceedings, act or decision of the Commission shall not be affected by any
vacancy in the membership of the Commission or by any defect in the appointment of any member
or by reason that any person not entitled to do so took part in the proceedings.

(9) The Commission shall cause minutes to be kept of every meeting of the Commission and of every
meeting of any committee established by the Commission.

5. Committees of Commission
(1) The Commission may for the purpose of performing its functions under this Act establish
committees and delegate to any such committee such of its functions as it considers necessary.

(2) The Commission may appoint as members of a committee established under sub-paragraph (1)
persons who are or are not members of the Commission and such persons shall hold office for such
period as the Commission may determine.

(3) Subject to any specific or general direction of the Commission, a committee established under sub-
paragraph (1) may regulate its own procedure.

6.
(1) If any person is present at a meeting the Commission or committee of the Commission at which
any matter is the subject of consideration and in which matter that person is directly or indirectly
interested, he shall as soon as is practicable after the commencement of the meeting disclose such

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 9
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

interest and shall not, unless the Commission or the committee otherwise directs, take part in any
consideration or discussion of, or vote on, any question touching such matter.

(2) A disclosure of interest made under this paragraph shall be recorded in the minutes of the meeting
at which it is made.

7. Executive Director of Commission

(1) The Commission shall appoint, on such terms and conditions as it may determine, an Executive
Director who shall be the chief executive officer of the Commission.

(2) The Executive Director shall be responsible for the day-to-day administration of the Commission.

8. Secretary and other staff

(1) There shall be a Secretary to the Commission who shall be appointed by the Commission on such
terms and conditions as the Commission may determine.

(2) The Secretary shall, under the general supervision of the Executive Director, carry out corporate
secretarial duties.

(3) The Commission may appoint, on such terms and conditions as it may determine, such other staff
as it considers necessary for the performance of its functions under this Act.

9. Prohibition of publication or disclosure of information to unauthorised persons

(1) A person shall not, without the consent in writing given by or on behalf of the Commission publish
or disclose to any person, otherwise than in the course of his duties, the contents of any document,
communication or information which relates to and which has come to his knowledge in the course
of his duties under this Act.

(2) Any person who knowingly contravenes the provisions of sub-paragraph (1) shall be guilty of an
offence and shall be liable upon conviction to a fine not exceeding six thousand penalty units or to
imprisonment for a term not exceeding three years or to both.

(3) If any person having information which to his knowledge has been published or disclosed in
contravention of sub-paragraph (1) unlawfully publishes or communicates any such information
to any other person he shall be guilty of an offence and shall be liable upon conviction to a fine not
exceeding six thousand penalty units or to imprisonment for a term not exceeding three years or to
both.

[As amended by Act No. 13 of 1994]

10. Immunity
No action or other proceeding shall lie against any member, member of staff, servant, agent or
representative of the Commission for or in respect of any act done or omitted to be done in good faith in
the exercise or purported exercise of his functions under this Act.

11. Funds of Commission

(1) The funds of the Commission shall consist of such moneys as may—

(a) be appropriated by Parliament for the purposes of the Commission;

(b) be paid to the Commission by way of grants or donations; and

(c) vest in or accrue to the Commission.

(2) The Commission may—

(a) accept money by way of grants or donations;

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 10
Competition and Fair Trading Act, 1994 (Chapter 417) Zambia

Repealed

(b) raise by way of loans or otherwise from any source in Zambia and, subject to the approval of
the Minister, from any source outside Zambia, such money as it may require for the discharge
of its functions; and

(c) charge and collect fees in respect of programmes, publications, seminars, consultancy and
other services provided by the Commission.

(3) There shall be paid from the funds of the Commission—

(a) the salaries, allowances, loans, gratuities and pensions of the staff of the Commission and
other payments for the recruitment and retention of staff;

(b) such reasonable travelling and subsistence allowances for members or members of any
committee of the Commission when engaged on the business of the Commission and at such
rates as the Commission may determine; and

(c) any other expenses incurred by the Commission in the performance of its functions.

(4) The Commission may after the approval of the Minister, invest in such manner as it thinks fit such
of its funds as it does not immediately require for the discharge of its functions.

12. Financial year

The financial year of the Commission shall be the period of twelve months ending on 31st December in
each year.

13. Accounts
(1) The Commission shall cause to be kept proper books of account and other records relating to its
accounts.

(2) The accounts of the Commission shall be audited annually by independent auditors appointed by
the Minister.

(3) The auditors' fees shall be paid by the Commission.

14. Annual reports

(1) As soon as practicable but not later than six months after the expiry of the financial year, the
Commission shall submit to the Minister a report concerning its activities during the financial year.

(2) The report referred to in subsection (1) shall include information on the financial affairs of the
Commission and there shall be appended to the report—

(a) an audited balance sheet;

(b) an audited statement of income and expenditure; and

(c) such other information as the Minister may require.

(3) The Minister shall, not later than seven days after the first sitting of the National Assembly next
after receipt of the report referred to in subsection (1), lay it before the National Assembly.

By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 11