terms and conditions, if any, as may be agreed upon between the donor and the
Commission provided that such gifts are not inconsistent with the objectives and
functions of the Commission under this Act.
Sec. 312
(a)
The Commission shall, not later than 30th September in each
year or such other date as the Parliament may by statute determine, prepare and present
to Parliament for its approval, a statement of estimated income and expenditure for the
following financial year.
(b)
Notwithstanding the provisions of subsection (a), the Commission may
also, in any financial year, submit supplementary or adjusted statements of estimated
income and expenditure to Parliament for approval.
(c)
Subject to subsections (a) and (b) of this section, the Commission shall
apply the proceeds of the Commission’s Fund:
(i)
to meet the administrative and operating costs of the Commission;
(ii)
for the payment of salaries, wages, fees and other allowances,
retirement benefits such as pensions and gratuities and, any other remunerations payable
to the Commissioners and staff of the Commission;
(iii)
for the purchase or acquisition of property or other equipment and
other capital expenditure and for maintenance of any property acquired or vested in the
Commission; and
(iv)
for any of the functions of the Commission under this Act.
(d)
The financial year of the Commission shall start on 1st January of
each year and end on 31st December of the same year unless Parliament shall by statute
establish a different financial year.
(e)
The Commission shall keep proper records of its accounts in respect of
each year and shall cause its accounts to be audited within 6 months from the end
of each financial year by internationally recognized independent auditors whose
appointment shall be approved by the Board and shall be subject to reappointment
annually.
Sec. 313
(a)
The Commission shall prepare and submit to the Parliament
annually and not later than 6 months after the end of its financial year, a report (“Annual
Report”) on the activities of the Commission for the preceding financial year. The
Annual Report shall include the Commission’s audited accounts for the year under
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