National Communication Act No. 24
(3)
81.
Financial Resources of the Fund and Uses.
(1)
(2)
82.
Decision of the Board shall be taken by a majority of the members present and in the event
of a tie vote, the chairperson shall have a casting vote.
The resources of the Fund shall comprise of the following(a)
funds allocated to the Fund by Government;
(b)
subsidies provided by the Authority upon approval of the Minister and in accordance
with applicable provisions of the Financial Management and Accountabilities Act
(2011);
(c)
contributions by licensees as prescribed in regulations;
(d)
additional charges levied by the Authority on communication service tariffs;
(e)
revenue in connection with delivery of Communication services as approved by
Government
The Fund’s resources shall be applied towards achieving its objectives and specifically
towards the following core functions:
(a)
financing the Universal Services projects;
(b)
administration and management of the Fund to effectively carry out its business;
(c)
remuneration of employees of the Fund and Members of the Board of Trustees; and
(d)
other approved expenditure necessary to achievement of the core functions of the
Fund that are not inconsistent with applicable financial regulations.
Annual Budget, Accounts and Audit of the Fund.
(1)
The Fund shall have an independent budget that shall be prepared annually in accordance
with sound accounting and financial management principles. The independent budget shall
include appropriate revenue and expenditure forecasts for the next financial year.
(2)
The Fund shall keep proper, accurate and complete records of accounts of the revenue and
expenditures of the Fund consistent with proper accounting and financial management
principles and shall also keep the books relating to such accounts.
(3)
The Fund may open Bank Accounts at any bank in accordance with law and in conformity
with the Public Finance Management and Accountability Act, 2011.
(4)
The Fund shall prepare quarterly financial and account reports in accordance with the Public
Finance Management and Accountability Act, 2011.
(5)
Upon approval of the Competent Minister, the Fund may maintain a general reserve fund.
40