Government Gazette 29 December 2004
14
No.3361
NATIONAL HERITAGE ACT, 2004
Act No. 27, 2004
Bank accounts
20. (1) The Council must open and maintain accounts with a banking
institution, as defined in section I of the Banking Institutions Act, 1998 (Act No.2 of
1998), as may be necessary for the performance of the functions of the Council.
(2)
The Council must ensure that
(a)
all money received by or on behalf of the Council is deposited into its bank
account as soon as is practicable after the receipt thereof;
(b)
any payment by the Council is made from its bank account; and
(c)
no money is withdrawn, paid or transferred from its bank account without
the Council's authority.
(3) Cheques or orders drawn on the Council's bank account must be signed on
its behalf by two persons authorised for that purpose by resolution of the Council.
Investment of money
21. Any money of the Council that is not immediately required for expenditure
by the Council may be invested at a banking institution referred to in section 20(1) or
another registered financial institution approved by the Minister.
Financial year, accounts and audit
22. (1)
The financial year of the Council ends on 31 March of each year.
(2)
The Council must
(a)
cause proper books and records of account to be kept in accordance with
generally accepted accounting practice and procedure to represent fairly
the state of affairs and business of the Council and to explain its transactions
and financial position; and
(b)
not later than three months after the end of each financial year, cause annual
financial statements to be prepared showing, with appropriate particulars,
the money received and expenditure incurred by the Council during the
financial year and its assets and liabilities as at the end of that financial
year.
(3)
The books and records of account and the annual financial statements of the
Council must be audited by the Auditor-General.
Reports
and financial
statements
23.
(1)
(a)
furnish to the Minister such information as the Minister may from time to
time in writing require in connection with the activities and financial position
of the Council; and
(b)
each year, within six months of the end of its financial year, submit to the
Minister
The Council must
(i)
a report on its activities in respect of that financial year; and
(ii)
copies ofthe Council's audited financial statements and the auditor's
report for that financial year;