CAP. 342]
Customs and Excise Service (Welfare Fund) Regulations
[1986 Ed.
[Subsidiary]
Certification of advance. L.N. 16/77.
Loans by Fund. 46 of 1977, s. 17.
Write-off.
Duties of Director of Accounting Services and Director of Audit. L.N. 16/77.
Accounts.
6. All vouchers submitted to the Director of Accounting Services in respect of payments to be made out of the Fund shall either be certified by the Commissioner or shall have attached to them certified true copies of the Commissioner's approval for each withdrawal. In the latter event the certificates and vouchers may be signed by an officer so authorized by the Commissioner. The Director of Accounting Services shall pay only on the authority of the Commissioner as indicated above and shall be advised of the name of any officer authorized by the Commissioner to sign on his behalf.
7. When a loan is granted under the authority of section 19 of the Ordinance, it will normally be subject to the following conditions--
(a) it shall be repaid in such monthly instalments as the Commissioner may in his discretion specify, save that the number of monthly instalments shall not exceed 24; upon default in one instalment the whole balance outstanding shall immediately become due;
(b) [Deleted, L.N. 115/78]
(c) whenever it shall be necessary to recover the amount of a loan it shall be deemed to be an amount due to a department of Government.
8. Upon a recommendation of the Commissioner, the Financial Secretary may authorize the writing off of any asset or any debt due to the Fund which he considers irrecoverable:
Provided that any such write-off shall take effect for the purpose of accounting records alone and shall not extinguish any right of the Fund to recovery of any such asset or debt.
9. The Director of Accounting Services shall keep the Commissioner informed of all transactions on account of the Fund's investments and the latter shall balance his accounts monthly and reconcile them with the deposit account maintained by the Director of Accounting Services. The accounts shall be subject to periodical audit by the Director of Audit.
10. (1) The Commissioner shall cause proper accounts to be kept of all transactions of the Fund and shall cause to be prepared for every period of 12 months ending 31 March in each year a statement of the accounts of the Fund, which statement shall include an income and expenditure account and balance sheet and shall be signed by the Commissioner.
(2) The accounts of the Fund and the signed statement of the accounts shall be audited by the Director of Audit, who shall certify the statement subject to such report, if any, as he may think fit.