Inspection
22.
The College shall be open to inspection by duly authorised officers of the Department of Education; any inspection report in respect of the College shall be submitted by the Principal to the Board together with his own comments thereon.
Functions of the Board
Finance
23. Within the limits of available finance the Board shall meet all expenses connected with the running of the College and shall ensure that the College is properly maintained.
24. (a) The Board will receive funds on behalf of the College:
(b)
(i) from Government by way of grants-in-aid from public funds;
(ii) from students of the College by way of fees charged at rates
laid down by the Board with the approval of the Director;
and apply them for the maintenance, development and administration of the College PROVIDED ALWAYS that such grants-in-aid from Government shall be applied atrictly for the purpose for which they are made;
the Board may also receive funds on behalf of the College from any other source by way of gifts and grants or endowments provided that if acceptance of such gifts, grants or endowments would entail the expenditure of public funds the Board shall first consult the Director.
Loans
25. The Board may subject to the approval of H.E. The Governor raise loans from private sources to meet capital expenditure.
Accounts
26. (a) The Board shall cause proper books of account to be kept with respect
to:-
(i) all sums of money received and expended by the College and the
matters in respect of which the receipt and expenditure takes place;
(ii) all assets and liabilities of the College;
(b) the books of account shall be kept at the administrative offices of
the College and shall always be open to inspection by members of the Board;
(c) the Board shall cause to be prepared and laid before it annually an
Income and Expenditure account and Balance Sheet together with the Auditor's report thereon;
(a) the Chairman of the Board shall cause to be sent to the Director not
later than four weeks after the date of the Board meeting at which the accounts are adopted, a copy of the said Accounts and Auditor's Report.
Reserve Fund
27.
Any excess of income over expenditure at the end of any one financial year shall be appropriated to a General Reserve Account where it will remain until the end of the subsequent financial year. At the end of that year the amount of the General Reserve Account less the sum required to make good any excess of
/expenditure