Annual ACCOULD
Estimates,
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(2) Subject to subsection (1), the Council shall as soon as practicable after the commencement of this Ordinance make by- laws providing for→
(a) the limitations on expenditure by any committee or person to whom the Council may delegate the power to incur expenditure;
(b) the extent to which funds appropriated to a particular heading or sub-heading or expenditure in the estimates may be transferred between sub-headings or to another heading without the special authority of the standing committee;
(c) the establishment of reserves for particular purposes and the procedure to be adopted by the Council in making transfers thereto or therefrom; and
(d) the establishment of a tender board for the procurement of such goods and services as may be determined by the Council.
(3) Subject to subsections (1) and (2) the Council may make such other by-laws for the regulation and control of its finances as it thinks ft.
38. As soon as may be convenient after the end of each financial year the Council shall cause to be drawn up a statement of revenue and expenditure during such financial year and a statement of the assets and liabilities of the Council on the last day thereof.
39. (1) Not later than four months before the end of each financial year the Council shall prepare and furnish to the Governor estimates of its revenue and expenditure for the next financial year together with a list of works which the Council proposes to undertake during the next financial year.
(2) The estimates shall set out, under separate headings, the sources of revenue and the distribution of expenditure; and where several matters are dealt with under one heading each such matter shall be itemized and be shown in a separate sub-heading relating to similar items.
(3) The estimates may provide for--
(a) expenditure of such sums as may be necessary to defray
the cost of official ceremonies of the Council;
(b) payment of allowances to members to meet expenses incurred in connexion with the discharge of the office of a member of the Council; and
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(c) payment of a special allowance or honorarium to the
Chairman.
(3) The list of works shall show in respect of each work- (2) the estimated total cost thereof;
(8) the date on which such work is expected to be completed;
and
(c) the amount to be expended thereon during the next
financial year.
(4) The estimates of revenue and expenditure for, and the list of works which the Council proposes to undertake during, the financial year ending on the 31st day of March 1974 shall be furnished to the Governor as soon as practicable after the com» mencement of this Ordinance.
40. (1) The Chairman shall within the period of four months, or such longer period as the Governor may determine, after the close of each financial year, transmit to the Director of Audit-
(a) the statement of the revenue and expenditure of the
Council for that financial year;
(b) the statement of the assets and liabilities of the Council
on the last day of that financial year; and
(c) such other statements as the Accountant General may
specify from time to time.
(2) The Director of Audit shall be entitled at any time to have access to all books of account, vouchers and other financial records of the Council and to require such information and explanations thereon as be thinks hi
(3) On receipt of the statements referred to in subsection (1), the Director of Audit-
(a) shall examine and audit the statements; and
(b) shall within a period of six months after the close of the financial year, or such longer period as the Governor may determine, prepare and submit to the Council a report in respect of his examination and audit of the statements together with-
(i) a copy of the statement of assets and liabilities duly certified by him; and
(ii) a copy of the statement of revenue and expenditure duly certified by him.
(4) The Chairman shall send copies of the audited state- ments and of the report of the Director of Audit to the Governor.
Audit.
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