$
(2) The Authority shall use the funds acquired under subsection (1) to meet the costs
incurred for its operations and shall use any surplus accrued for such purposes as, with the
approval of the Minister, it may determine.
PART III—0HHWLQJVDQG3URFHHGLQJVRIWKH%RDUG
Meeting of
Board
(1)Subject to the provisions of this Act, the Board shall regulate its own procedure.
(2) The Board shall meet as often as it is necessary or expedient for the discharge of its
functions, and such meetings shall be held at such places, times and days as the Chairman
may determine.
(3) Meetings of the Board shall be called by the Chairman; and the Chairman may also
call a special meeting of the Board within seven days of receipt of a request in writing of at
least three members of the Board for such special meeting to be held.
(4) Three members of the Board shall form a quorum.
(5) At any meeting of the Board, the Chairman shall preside, and in his absence the
Vice-Chairman; in the absence of both the Chairman and the Vice-Chairman, the
members of the Board present shall elect from among their number, a chairman for
purposes of that meeting.
(6) The decisions of the Board shall be by a majority of votes and, in the event of an
equality of votes, the Chairman shall have a casting vote in addition to his deliberative vote.
(7) Minutes of each meeting of the Board shall be kept and shall be confirmed at a
subsequent meeting of the Board.
Declaration
of interest by
Board
members
(1) If at any meeting of the Board a Board member is aware or becomes aware that a
matter which affects him beneficially directly or indirectly is to be discussed, he shall
forthwith declare, to the Board, his interest in the matter and the Board may, if it considers it
appropriate, require him to require himself from the discussion on that matter.
(2) Any Board member who fails to comply with the provisions of subsection (1) shall be
guilty of an offence and shall be liable to a fine of not less than P10 000.00 but not more
than P30 000.00.
Signification
of documents
All documents made by, and all decisions of, the Board may be signified underthe
hand of the Chairman of the Board, or any member or senior officer of the Authority
generally or specially authorized in that behalf.
Accounts and
Audit
(1) The Authority shall keep proper accounts and records in relation thereto, and shall
prepare in respect of each financial year a statement of accounts showing in detail the assets
and liabilities (real and contingent) and income and expenditure of the Authority, in a form
which shall conform with the best commercial accounting standards applicable to the
provision of telecommunications services.
(2) 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
such auditor as may be appointed by the Authority.