The Laws of Zambia
20. (1) The Corporation shall charge to its revenue account all charges which in the
normal conduct of a business are regarded as proper to be made to a revenue account
and in so doing shall make adequate annual provision, whether by sinking fund or other
proper means, for-
(a)
interest and all other charges and expenses incurred in connection with
loans;
(b)
the depreciation or diminution in value of assets; and
(c)
the redemption of loans at due times to the extent that the annual provision
exceeds the amount to be provided under paragraph (b).
Charges to revenue
account of Corporation
and investment of
monies in sinking
funds
(2) Money in sinking funds established in terms of subsection (1) shall be vested in
such manner as the Board acting in consultation with the Minister may think fit.
21.
The funds of the Corporation shall consist of such moneys as may-
(a)
be payable to the Corporation in terms of this Act;
(b)
be appropriated by Parliament for the purposes of the Corporation;
(c)
be paid to the Corporation by way of grants or donations; and
(d)
vest in or accrue to the Corporation.
Funds of Corporation
22.
The Corporation shall cause to be kept proper books of account and other
records relating to its accounts.
Accounts
23. (1) For the purpose of auditing its accounts, the Board shall appoint Auditors
from amongst persons who, or organisations which, are registered as public accountants
to examine the accounts of the Corporation not less than once in each financial year.
Appointment of
auditors
(2) The Corporation shall produce and lay before the auditors all books and
accounts of the Corporation, with all vouchers in support thereof and all books, papers
and writings in its possession or control relating thereto.
(3) The auditors shall be entitled to require from all directors and all employees of
the Corporation such information and explanations as may be necessary for the
performance of their duties as auditors.
(4) All expenses in connection with or incidental to an audit shall be borne and paid
by the Corporation.
Copyright Ministry of Legal Affairs, Government of the Republic of Zambia