1981 Ed.]
Industrial Training (Construction Industry)
[CAP. 317
9
PART III
FINANCIAL PROVISIONS
14. The funds and property of the Authority shall consist of
(a) all moneys recovered by way of levy, surcharge, penalty
and further penalty; (Amended, 7 of 1981, s. 3)
(b) any moneys received by the Authority by way of grants,
loans, donations, fees, rent or interest;
(c) all moneys derived from the sale of any property held by or
on behalf of the Authority; and
(d) all other moneys and property lawfully received by the
Authority for its purposes.
15. (1) In each financial year, before a date to be appointed by the Governor, the Authority shall submit to the Governor a programme of its proposed activities and estimates of its income and expenditure for the next financial year:
Provided that the programme and estimates for the first financial year of the Authority shall be forwarded as soon as is practicable after the commencement of this Ordinance.
(2) The Authority may, from time to time, with the prior approval of the Governor, fix a period to be the financial year of the Authority.
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.
18. (1) The Authority shall maintain proper accounts and 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.
Funds and property of the Authority.
Estimates and financial year.
Bank account.
Investment of funds.
Accounts.
Page 10
1981 Ed.]
Industrial Training (Construction Industry)
[CAP. 317
9
PART III
FINANCIAL PROVISIONS
14. The funds and property of the Authority shall consist of
(a) all moneys recovered by way of levy, surcharge, penalty
and further penalty; (Amended, 7 of 1981, s. 3)
(b) any moneys received by the Authority by way of grants,
loans, donations, fees, rent or interest;
(c) all moneys derived from the sale of any property held by or
on behalf of the Authority; and
(d) all other moneys and property lawfully received by the
Authority for its purposes.
15. (1) In each financial year, before a date to be appointed by the Governor, the Authority shall submit to the Governor a programme of its proposed activities and estimates of its income and expenditure for the next financial year:
Provided that the programme and estimates for the first finan- cial year of the Authority shall be forwarded as soon as is practicable after the commencement of this Ordinance.
(2) The Authority may, from time to time, with the prior approval of the Governor, fix a period to be the financial year of the Authority.
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.
18. (1) The Authority shall maintain proper accounts and 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.
Funds and property of the Authority.
Estimates and financial year.
Bank account,
Investment of funds.
Accounts.
Page 10İ
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