(4) Any person who contravenes subparagraph (2) or (3) shall be guilty of an offence and liable to a fine not
exceeding level four or to imprisonment for a period not exceeding three months or to both such fine and such
imprisonment.
[Subparagraph amended by section 25 of Act 5 of 2003]
10. Validity of decisions and acts of Board
No decision or act of the Board or act done under the authority of the Board shall be invalid on the ground
that—
(a) the Board consisted of fewer than the minimum number of persons prescribed in subsection (1) of section forty; or
(b) a disqualified person acted as a member of the Board at the time the decision was taken or act was done
or authorised:
Provided that the Board shall ratify any such decision or action as soon as possible after it becomes aware that
the decision or action was taken in the circumstances described in subparagraph (a) or (b).
11. Minutes of proceedings of Board
(1) The Board shall cause minutes of all proceedings of and decisions taken at every meeting of the Board to
be entered in books kept for the purpose.
(2) Any minutes referred to in subparagraph (1) which purport to be signed by the chairman of the meeting to
which the minutes relate or by the chairman of the next following meeting of the Board or the committee concerned, as the case may be, shall be accepted for all purposes as prima facie evidence of the proceedings of and
decisions taken at the meeting concerned.
(3) The Board shall cause copies of all minutes that have been signed as provided in subparagraph (2) to be
sent without delay to the Minister for his information.
FIFTH SCHEDULE (Section 41)
F INANCIAL AND M ISCELLANEOUS PROVISIONS R ELATING TO C OMMISSION
PART I
F INANCIAL P ROVISIONS
1. Funds of Commission
The funds of the Commission shall consist of—
(a) fees, charges and other income accruing to the Commission from licences issued and other things done
by it in terms of this Act; and
(b) the proceeds of any monetary penalties imposed by the Commission; and
(c) such moneys as may be payable to the Commission from moneys appropriated for the purpose by Act of
Parliament; and
(d) such other moneys as may vest in or accrue to the Commission, whether in the course of its operations
or otherwise.
2. Financial year of Commission
The financial year of the Commission shall be the period of twelve months ending on the 31st December in
each year.
3. Surplus funds of Commission to be appropriated to Fund
Any surplus of income over expenditure at the end of the Commission’s financial year shall be appropriated
to the Fund.
4 Accounts of Commission
(1) The Board shall ensure that proper accounts and other records relating to such accounts are kept in respect of all the Commission’s activities, funds and property, including such particular accounts and records as the
Minister may direct.
(2) Not later than three months after the end of each financial year of the Commission, the Commission shall
prepare and submit to the Minister a statement of accounts in respect of that financial year or such other period as
the Minister may direct.
5. Audit of Commission’s accounts
(1) Subject to the Audit and Exchequer Act [Chapter 22:03], the Commission shall appoint as auditors one or
more persons approved by the Minister who are registered as public auditors in terms of the Public Accountants
and Auditors Act [Chapter 27:12].