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(1) The Board is responsible for the management of the Trust Fund and shall for that purpose

(a) pursue policies to achieve the object of the Trust Fund;

(b) collect or arrange to be collected, monies lawfully due to the Trust Fund through procedures to be determined by the Minister;

(c) monitor and evaluate the operations and performance of venture capital financing companies in respect of monies received from the Trust Fund;

(d) ensure accountability of the Trust Fund by defining appropriate procedures for its management;

(e) disburse monies from the Trust Fund;

(f) invest some of the monies of the Trust Fund in such safe securities as it considers financially beneficial to the Trust Fund;

(g) receive and process applications for funds from venture capital financing companies;

(h) put in place structures and guidelines that will ensure that venture capital finance companies live up to their responsibilities stated in the agreement between the venture capital financing companies and the SMEs they fund;

(i) in consultation with the Minister, formulate policies to determine among other things

(i) the terms under which any monies from the Trust Fund will be allocated to eligible venture capital financing companies under this Act;

(ii) the maximum amount of money that may be granted by the Trust Fund to an applicant; and

(iii) the sectors of the economy in which the monies from the Trust Fund may be invested;

(j) publish such manuals or guidelines as it considers necessary to regulate the conduct and operations of venture capital financing companies in relation to monies from the Trust Fund;

(k)approve the broad terms and conditions of agreements to be entered into between venture capital financing companies and SMEs in relation to disbursements made from monies from the Trust Fund; and

(l) perform such other functions as are incidental to the achievement of the object of the Trust Fund.

(2) The Minister may give general directives in writing to the Board on matters of policy.