14
Government Gazette 25 August 2016
Act No. 8, 2016
(h)
6105
BUSINESS AND INTELLECTUAL PROPERTY
AUTHORITY ACT, 2016
other money which may accrue to BIPA from any other source in
Namibia.
(2)
BIPA must manage its funds in accordance with sound principles
of financial management and by observing the measures implemented to protect the
liquidity of BIPA.
(3)
Subject to section 20(2), the funds of BIPA are used -
(a)
to pay the administrative expenses of BIPA;
(b)
to fund the costs of activity of BIPA;
(c)
to pay remunerations and allowances payable by BIPA and such other
expenses incurred by BIPA in the performance of its functions; or
(d)
for any other expenditure provided for in the budget of BIPA.
(4)
Money received by way of a donation for the benefit of BIPA may be
administered on such conditions as may be agreed on between the donor and BIPA.
(5)
Any money standing to the credit of BIPA and not required for
immediate use or as a reasonable operating balance may be invested by BIPA, subject
to the consideration of the determination of the budget for the ensuing financial year.
(6)
An unexpended balance at the end of a financial year of BIPA is carried
forward as a credit to the ensuing financial year.
Bank accounts of BIPA
19.
(1)
BIPA must open and maintain such bank accounts at -
(a)
one or more banking institutions in Namibia registered in terms of the
Banking Institutions Act, 1998 (Act No. 2 of 1998); or
(b)
the Post Office Savings controlled and managed by Namibia Post
Limited established by the Posts and Telecommunications Companies
Establishment Act, 1992 (Act No. 17 of 1992),
as are necessary for the performance of the functions of BIPA.
(2)
The Chief Executive Officer must ensure that -
(a)
all money received by or on behalf of BIPA is deposited into its bank
account as soon as practicable after receipt;
(b)
a payment by or on behalf of the BIPA is made from its bank account;
and
(c)
money is not withdrawn, paid or transferred from its bank account
without the approval of the Board.