Chapter-5 Miscellaneous

Chapter-5 Miscellaneous

24. Provision of investigation: The Fund may provide for research in order to bring about reform in the economic condition of employees, and the Fund may submit a report, along with its opinion on the statistics obtained from
such research, to the Government of Nepal.

25. 105 Profits may be deposited in various funds to be established:

(1) The Fund shall provide for depositing such amount out of the profits remaining balance at the end of every financial year as may be prescribed in a reserve fund, welfare fund, pension fund and similar other fund as prescribed.
(2) The procedures of spending the amount of profits deposited in the fund established pursuant to Sub-section (1) and other procedures fro the operation of such funds shall be as prescribed.

26. Saving of officials against loss and damage: The administrator, assistant administrator, director, officer or other employees of the Fund shall not be held individually liable for any loss or damage caused or to be caused from
any act done by them in the course of performing their duties in accordance with this Act, except for any act done with ulterior motive or in bad faith deliberately.

27. Dissolution: If the Board is of the opinion that the Fund has to be dissolved for any reason, the Board shall submit to the Government of Nepal a report setting out the reason for the same, and after such a report is made, the
Government of Nepal may dissolve the Fund, upon assuming all liabilities of the Fund. The manner of dissolution shall be as specified by the Government of Nepal.

28  Restriction on director, administrator and other employee of the Fund: No director, administrator and other employee of the Fund shall not be allowed to take any contract from or to be a partner in any contract with the
Fund.
Explanation: The said officer and employee shall be deemed to be a partner in any contract:
(A) If his or her name is included as a partner in any contract with the Fund, on behalf of him or her or of a company in which he or she is a managing director or agent, or
(B) If he or she is a shareholder of any firm or private limited company which is a partner in any contract to be made with the Fund.

29. Penalties: (1) If a person knowingly inserts any false matter or causes the insertion of such false matter in any document held in the Fund under this Act, that person shall be liable to the punishment of imprisonment for a term
not exceeding Two years or a fine of up to Two Thousand Rupees or with both punishments, and if the Fund has suffered any loss or damage from the act of that person, the Fund shall also recover the amount of such a loss or
damage from that person.
(2) 108 If any director, administrator or other employee of the Fund takes a contract from the Fund or becomes a partner in a contract with the Fund, such a director, administrator or employee shall be liable to the punishment of
imprisonment for a term not exceeding Two years or a fine of up to Five Thousand Rupees or with both punishments.
(3) If any person obstructs the auditor designated by the Auditor General 109 in the performance of his or her duties or does not provide such document as demanded by him or her pursuant to laws without any reasonable reason,
such a person shall be liable to the punishment of a fine of up to One Thousand Rupees.
(4) 110 If it is found that the employee, having responsibility to deposit the amount in the Fund of the depositor, has not deposited to the Fund, the fine equivalent to the lump-sum amount including the amount to be deposited in
the fund of the depositor as well as the interest payable by the Fund to the depositor shall be imposed to such employee.
(5) 111 The Fund shall, in addition to the fine to be imposed as mentioned in Sub-Section (4), write to the concerned authority for departmental action in accordance with the prevailing law to the employee, who has not deposited
the amount of the depositor to the Fund.

29A. 112 Provision on Blacklisting: (1) If any individual or body corporate, taken
contract or being partner in any type of contract with the Fund or being
invested by the Fund or borrowed loan from the Fund makes any harm to the
Fund or fails to repay the outstanding dues payable to the Fund, the Fund
may write to the competent authority for blacklisting to such individual or
body corporate in accordance with the prevailing laws.

(2) If the Fund writes according to Sub-Section (1), the concerned authority
shall make blacklisting to such individual or body corporate.
(3) No the Fund shall lend loan, give contract or make partner or make any
type of investment to the individual or body corporate blacklisted according
to Sub-Section (2) upto two years from the date of removing from blacklist.
110 Repealed by Administration of Justice Reforms (Fourth Amendment) Act, 2043.
30. Power to frame Rules: (1) The Fund may frame Rules in order to
accomplish the objectives of this Act. These Rules shall not come into force
without being approved by the Government of Nepal.
(2) Without prejudice to the generality of power conferred by Subsection (1),
Rules may be framed particularly on any or all of the following matters:
(a) With respect to the manner of performance of functions by the Board and
the Rules of procedures of the meeting of the Board;
(b) With respect to the delegation of powers by the Board to the administrator
and by the administrator to his or her subordinator officers and other
employees;
(c) With respect to the appointment, promotion, transfer, dismissal, salary,
allowance, pension, gratuity, leave, conduct, discipline as well as
conditions of service and formation of the service of the officers and
other employees of the Fund;
(d) With respect to the terms of lease and bond to be exercised on behalf of
the Fund without contravening the Nepal laws in force;
(e) With respect to the procedures of making the seal of the Fund;
(f) …………….. 113
(g) With respect to the issuance of new identity cards to the employees in
cases where their identity cards are lost, defaced or torn out or obliterated
to be illegible;
(h) With respect to the making of investment by the Fund;
(i) With respect to the well-arrangement of all affairs to be generally carried
out by the Fund under this Act.

30A 114 Power to frame Bye-laws: The Fund may frame necessary Bye-laws,
without being prejudicial to this Act or the Rules framed under this Act.

30B. 115 Saving: Notwithstanding anything contained in the Lands Act, 2021(1964),
the upper ceiling shall not apply to any land acquired for the operation of a
housing project by the Fund.

31. When this Act is inconsistent with other Nepal laws: Notwithstanding
anything contained in the Nepal laws in force, the matters set forth in this Act
or the Rules framed under this Act shall be governed by the same and the
other matters shall be governed by the Nepal laws in force.
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