(2)
338
The Authority may contract with an insurance company or other body for
liability insurance
Part IV
Finances of the Authority
Funds of the Authority
19.
(1)
The Authority’s funds shall consist of
(a) such monies as may be appropriated by Parliament;
(b) such fees as the Authority may impose for services provided under this
Act;
(c) such fees as the Authority may impose for licenses issued under this
Act;
(d) such other fees or monies as the Authority may, by virtue of this Act,
raise or impose;
(e) fines and other monetary sanctions imposed by the Authority under
this Act;
(f)
grants, contributions or endowments from any other source; and
(g) loans
(2)
(3)
(4)
The Authority shall use the funds raised under this Act to meet the cost of its
operations and shall use any surplus accrued for the promotion and
development of telecommunications.
The funds of the Authority shall be administered through a bank account
approved by the Minister after consultation with the Minister responsible
for finance.
The Authority shall issue policies and procedural rules necessary to
administer the funds, with approval of the Minister responsible for finance.
Annual budget
20.
The Authority shall, not less than 2 months before the beginning of its
financial year, which shall be April 1, submit a budget for its annual
operations to the Minister.
Accounts and audit
21.
(1)
The Authority shall keep proper accounts of its operations in compliance
with international accounting standards
(2)
The AuditorGeneral shall appoint an independent, qualified and
internationally recognised accounting firm to audit the accounts of the
Authority annually.
(3)
The Authority shall, within 3 months after the end of the financial year,