1964_INDUSTRIAL_TRAINING_(CLOTHING_INDUSTRY)_ORDINANCE — Page 10

1986 Ed.] Industrial Training (Clothing Industry)

[CAP. 318

16. (1) The Authority shall open and maintain an account with a bank approved by the Director of Accounting Services. (Amended, L.N. 16/77)

(2) The Authority shall pay all moneys received by it into the account referred to in subsection (1).

17. All funds of the Authority that are not immediately required may be-

(a) deposited on fixed deposit in any bank or savings bank nominated by the Financial Secretary either generally or, in any particular case, for that purpose; or

(b) subject to the prior approval of the Financial Secretary

invested in such investments as the Authority thinks fit.

Bank account.

Investment of funds.

18. (1) The Authority shall maintain proper accounts and

Accounts. records of all income and expenditure.

(2) After the end of each financial year, the Authority shall cause to be prepared statements of income and expenditure during the previous financial year and of the assets and liabilities of the Authority on the last day thereof.

19. (1) The Authority shall appoint auditors, who shall be entitled at any time to have access to all books of account, vouchers and other financial records of the Authority and to require such information and explanations thereof as they may think fit.

(2) The auditors shall audit the statements prepared under section 18(2) and shall report thereon to the Authority.

20. (1) The Authority shall, within 6 months after the end of each financial year or such further time as the Governor may in any particular year allow, submit to the Governor a report on the activities of the Authority and copies of the statements prepared under section 18(2) and the report made under section 19(2).

(2) The Governor shall cause the reports and statements received by him under subsection (1) to be laid on the table of the Legislative Council.

Auditors.

Statements and reports to be laid on table of Legislative Council.

PART IV

LEVY

21. (1) A levy, to be known as the clothing industry training levy, shall be imposed in accordance with this Ordinance on the F.O.B. value of clothing items exported.

(2) A levy imposed under subsection (1) shall be payable by the exporter of the clothing items.

Imposition of clothing industry training levy.

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