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Government Gazette 16 November 2009
Act No. 8, 2009
No. 4378
COMMUNICATIONS ACT, 2009
the Association and a balance sheet of the assets and liabilities of
the Association as at the end of that financial year are prepared and
submitted to the Board and Minister.
(3)
The Association is funded from –
(a)
the capital invested in or lent to the Association;
(b)
money appropriated by Parliament for that purpose;
(c)
income derived from the sale or other commercial exploitation of its
licenses, approvals, products, technology, services or expertise in terms
of this Chapter;
(d)
loans raised by the Association;
(e)
the proceeds of any sale of assets;
(f)
income or interest earned on the Association’s cash balances or on
money invested by it; and
(g)
money received by way of grant, contribution, donation or inheritance
from any source inside or outside Namibia.
(4)
The funds of the Association must be utilised to meet the expenditure
incurred by the Association in connection with its functioning, business and operations
in terms of this Chapter.
(5)
(a)
The money may be so utilised only as provided for in a
statement of the Association’s estimated income and expenditure, that
has been approved by the Minister.
(b)
Money received by way of grant, contribution, donation or inheritance
in terms of subsection (3) (g), must be utilised in accordance with
any conditions imposed by the grantor, contributor, donor or testator
concerned.
(6)
(a)
The Board must in each financial year, at a time determined
by the Minister, submit to the Minister for approval a statement of the
Association’s estimated income and expenditure for the next financial
year.
(b)
The Board may at any time during the course of a financial year, submit
a supplementary statement of estimated income and expenditure of the
Association for that financial year, to the Minister for approval.
(c)
The Minister may grant the approval of the statement referred to in
paragraph (a), with the agreement of the Minister of Finance.
(d)
The Association may not incur any expenditure in excess of the total
amount approved under paragraph (c).
(7)
The Board may establish a reserve fund for any purpose that is
connected with the Association’s functions under this Chapter and has been approved by