Cap.Z2t2l hio. 112fi15 Pugrtc Dngr MaxecF.h.,{El'ir (a) (b) (c) vary the functions of a trustee; or renove a lrustee from office; or in the event of the removal lrom office, death or retirernent of a trustee, appoint a trustee in his or her place; or (d) appoint additional trustees. 34 Payment into sinking funds (1) The Minister shall pay to the trustees ol each sinking furrd irr each financial year for the benefit of the fund such amount as he or she may determine. which shall not be less than- (a) one and one-half per centuilr of the nominal value of the bonds or stock issued in connection with the State loan for which the sinking fund was established; and ft) in the case of bonds or stock issued in connection with the State loan for which the sinking fund was established which have been cancelled, a sum equal to the interest which would have been payable had the bonds or stock not been cancelled" (2) Payments into a sinking fund in terms of subsection (l) shall be made out of the Consolidated Revenue Fund, which is hereby appropriated to the purpose. 35 Application (1) of moneys in sinking funds All moneys received by the trustees of a sinking fund, whether paid in terms of section 34 or arising by way of investment or otherwise, shall- (a) until required in terms of subsection (4), be invested in bonds, stock or Treasury bills or stock issued by a local authority or designated corporate body referred to in paragraph (a) of the definition of "public entity" in section 2 of the Public Finance Management Act; or (b) be used to purchase, at the earliest favourable opportunity in the opinion of the trustees, the bonds or stock issued in connection with the State loan for which the sinking fund was established. (2) The trustees of a sinking fund may vary any investment made in terms subsection (lXa)" of (3) Bonds or stock purchase<l by the trustees in terms of subsection ( 1) (b) shall be cancelled and not re-issued. (4) When moneys held by trustees of a sinking fund and investments for the time being representing those moneys are required for the purpose of redeeming the bonds or stock issued in connection with the State loan for which the sinking fund was established, the trustees shall deliver the moneys and investments to the State for that pufpose. PART IV GeNuner 36 Reporting to Parliament ( 1) At least twice a year, the Minister shall furnish Parliament with Government debt management activities, guarantees and lending. (2) The report shall be inclusive of the (a) a report on following- information on how the debt management strategy has been implemented over the course of the flnancial year; 115