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CAP. 411A
Kenya Information and Communications
[Rev. 2011
[Subsidiary]
(a) advise the Commission and provide strategic policy guidance for
the implementation of the Universal Service Fund; and
(b) perform any other functions assigned to it by the Board from
time to time and as necessary for the implementation of these
Regulations.
Fund Accounts.
10. (1) The Commission shall deposit the funds of the Fund monies in
one or more accounts established in one or more reputable banks in Kenya.
(2) The Commission shall maintain a separate account for the
Universal Service Fund and shall keep proper books of accounts and records
of the operations of the Fund.
(3) The accounts of the Fund may at any time and shall at the end of
each financial year, be audited by an independent auditor.
Annual Report.
11. (1) The Commission shall, within three months after the end
of the financial year, prepare and submit to the Minister an annual report
containing—
(a) the audited financial statements of the Fund; and
(b) details of activities supported by the Fund
(2) The Annual Report shall also be available for public inspection at
such times and in such manner as the Commission shall prescribe.
Investment of the
funds of the Fund.
12. The Commission may invest or apply the funds of the Fund
towards—
(a) fixed bank deposits;
(b) Government securities; or
(c) any other investments approved by the Commission and
inaccordance with applicable financial Regulations.
Power to issue
guidelines.
13. The Commission may, from time to time, issue guidelines relating
to the management of the fund.