24
Funds of the
Authority
Communications
No. 34
28.__(1) The operational and financial costs of the Authority shall
be provided through__
(a) fees, levies and other moneys payable to the Authority
under this Act;
(b) fines payable to the Authority in respect of breaches of
licence terms, conditions and obligations;
(c) grants or donations received by the Authority;
(d) such moneys as are from time to time appropriated to the
Authority by Parliament; and
(e) proceeds from the sale by the Authority of any of its assets
or equipment to which it has title.
Cap. 37:02
(2) The Authority may charge fees in respect of publications,
seminars, documents, and other services provided by the Authority.
(3) Subject to the Public Finance Management Act, the Authority
may borrow such amounts as it may require for the performance of
its functions under this Act.
(4) The Authority may invest, on short term deposit with any
bank or financial institution in Malawi, any of its moneys that are
not immediately required for the performance of its functions under
this Act.
Accounts and
audit
Annual report
(5) All the moneys of the Authority which, at the end of each
financial year, are in excess of the Authority's budgetary requirements for that year shall be paid into the Consolidated Fund, but the
Authority may be entitled to retain such sums as it reasonably
requires for its operations.
29.__(1) The Authority shall maintain proper books of accounts
and other records relating to its accounts.
(2) The Authority shall appoint independent auditors to audit the
accounts of the Authority annually and a copy of the audited
accounts shall be sent to the Auditor general for examination before
final presentation to the Minister.
(3) The financial year of the Authority shall be the same as the
financial year of government.
30.__(1) As soon as practicable, but not more than six months
after the expiry of each financial year, the Authority shall submit to
the Minister a report concerning its activities during that financial
year.
(2) The report referred to in subsection (1) shall be in the form
and contain information as required by the Minister.