| Funds of Board
Financial year
Books of accounts
Audit of accounts
Annual report
Regulations
|
22. (1) The funds of the
Board shall consist of such moneys as may-
(a) be appropriated by Parliament for the purposes of the Board;
(b) vest in or accrue to the Board.
(2) The Board may-
(a) subject to the approval of the Minister, raise by way of loans or
otherwise, such moneys as it may require for the performance of its
functions;
(b) charge and collect fees on tender and other related documents;
(c) levy fees and other charges for services provided by the Board.
(3) There shall be paid from the funds of the Board-
(a) the salaries, allowances and loans of the staff of the Board;
(b) such reasonable travelling, transport and subsistence allowance for
members or members of any committee of the Board when engaged on the
business of the Board, at such rates as the Board may determine; and
(c) any other expenses incurred by the Board in the performance of its
functions.
(4) The Board may invest in such manner as it thinks fit such of its funds
as it does not immediately require for the performance of its functions.
23. The financial year of the Board shall be the period of twelve
months ending on the 31st December in each year.
24. (1) The Board shall keep proper books of accounts and other
records relating to its accounts.
(2) Such books of accounts and other records shall be open for inspection by
the Minister or any person duly authorised by him in that behalf.
25. (1) The accounts of the Board shall be audited annually and a
detailed report thereon submitted to the Minister and to the Board.
(2) For the performance of his duties under subsection (1), the auditor to
the Board shall have access at all reasonable times to all books of
accounts, records, returns, reports and other documents relating to the
Board's accounts.
(3) In respect of each financial year, the auditor to the Board shall
certify whether or not-
(a) he has received all the explanations and other information necessary for
the performance of his duties;
(b) the accounts of the Board have been properly kept; and
(c) according to the explanations and other information received, and the
books of accounts, records, returns, reports and other documents relating to
the Board's accounts produced to him, the accounts of the Board reflect a
true and accurate financial position of the Board or of its profit and loss
position, for the period covered by his certification.
26. (1) As soon as is practicable, but not later than six months
after the expiry of each financial year, the Board shall submit to the
Minister a report containing a balance sheet showing the assets and
liabilities of the Board as at the last day of the financial year to which
the report relates, accompanied by an income and expenditure account for
that financial year, together with all supporting statements and returns
duly certified by the auditor to the Board.
(2) The Minister may at any time request the Board in writing to submit to
him such other reports, returns or statements, duly certified by the auditor
to the Board as he may consider necessary, and the Board shall comply with
such request.
(3) The Minister shall, not later than seven days after the first sitting of
the National Assembly next after the receipt of the report referred to in
subsection (1) lay it before the National Assembly.
27. (1) The Minister may, by statutory instrument, make regulations
for the better carrying out of the purposes of this Act.
(2) Without prejudice to the generality of subsection (1), the Minister may,
on the recommendation of the Board, make rules or regulations prescribing
any matter which the Board is authorised by this Act to formulate, regulate
or prescribe.
(3) Rules or regulations made under this Act may provide in respect of any
contravention thereof that the offender shall be liable to a fine not
exceeding twenty five thousand penalty units or to a term of imprisonment
not exceeding ten years, or to both.
(As amended by Act No. 13 of 1994) |
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