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| Funding of
the Board |
27. (1) The funds of the Board shall consist of
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a) any fees, fines and charges payable under this Act; and b) such other moneys and assets as may accrue to or vest in the Board
by way of donation, loan or otherwise received by the Board
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| Borrowing
Powers |
28. The Board shall have power to borrow either temporarily,
by way of overdraft or otherwise, such sums as it may require, for meeting
its obligations
or discharging its functions under this Act. Provided that any such borrowing shall be approved by the General Assembly
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| Investment of Surplus Money
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29. The Board may invest any money in such a manner
as the Board
may deem expedient. |
| Financial Year
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30. The financial year of the Board shall be period of twelve
months as
the Board shall determine: Provided that the first financial year of the Board may be such shorter
or longer period that twelve months as the Board shall determine but being
not less than six months nor more than eighteen months.
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| Accounts and
Audit |
31. (1) The Board shall keep proper accounts and
other accounting records in accordance with the general accepted account
principles and practice.
(2) The accounts of the Board shall be audited annually by independent
auditors appointed by the Board and approved by the General Assembly.
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| Annual
Reports |
32. (1) As soon as practicable, but not later that six months
after expiry of each financial year, the Board shall submit to all members
of the General Assembly and the Ministry responsible a report concerning
its activities during that financial year.
(2) The Report referred to in subsection (1) shall include information on the financial affairs of the Board, and there shall be appended to the report - a) an audited balance sheet
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B. No. 19
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