A.158
28. (1) The Authority may, with the written approval of the Minister,
borrow funds required for meeting its obligations and for carrying out
its functions.
(2) The Authority may borrow temporarily, by way of overdraft or
otherwise, sums of monies to be paid within a short period, for any
urgent requirements of the Authority in the discharge of its functions.
(3) The Authority may raise funds for the discharge of its functions
by the issuing of stock, and any interest payable on any stock issued
under this subsection shall be a charge upon all property, undertaking
and revenue of the Authority.
(4) The Authority may, for purposes of paying any loan under this
section and any interest on that loan —
(a) charge the assets, undertakings and revenue of the Authority;
(b) issue debentures and other types of bonds; and
(c) do any other thing necessary to enable the Authority to meet its
obligations under that loan.
(5) The Minister for the time being responsible for finance shall
prescribe the maximum sum that may be borrowed under this section.
29. The Authority shall provide to the Minister such information
concerning the operations, plans and financial accounts of the Authority
as the Minister may require.
30. The financial year of the Authority shall be a period of twelve
months commencing on the 1st April in each year and ending on the
31st March of the following year.
31. (1) The Authority shall keep proper books of accounts of all its
income and expenditure and proper records in relation to those accounts,
in accordance with international standards on auditing.
(2) The Authority shall cause to be prepared in respect of each
financial year and not later than four months after the end of that financial
year, a statement of accounts which shall include —
(a) a balance sheet, an audited statement of income and expenditure
and a statement of surplus and deficit; and
(b) any other information in respect of the financial affairs of the
Authority as the Minister for the time being responsible for finance
may require.
32. (1) The accounts of the Authority in respect of each financial
year shall, within four months or such extended time after the end thereof
as the Minister may direct, be audited by an auditor appointed by the
Authority (hereinafter referred to as “appointed auditor”), in accordance
with international standards on auditing.
(2) The auditor shall report in respect of the accounts for each financial
year, in addition to any other matter on which the Authority deems it
pertinent to comment, whether or not —
(a) the auditor has received all the information and explanations which,
to the best of his or her knowledge and belief, were necessary for the
performance of his or her duties as auditor;
Borrowing
powers of
Authority
Provision of
information
Financial year
Accounts
Audit