PART III
FINANCIAL MATTERS
Section 6:
Financial Year, Accounts/Audits and Annual Report
§6.1. Financial Year
The financial year of LIPO shall be the period of twelve months ending on thirtieth day of June in each
year.
§6.2. Accounts and Audits
a) The Board shall cause to be kept all proper books and records of accounts of the income,
expenditure and assets of LIPO.
b) At the end of each financial year, the Board shall submit to the Auditor-General pursuant to the
Public Finance Management Law, the accounts of LIPO together with:
i.
ii.
a statement of the income and expenditure during that year; and
a statement of the assets and liabilities on the last day of that year.
§6.3. Annual Report
In addition to periodic reports as may be required, the Chairman of the Board shall require the Director
General to submit to the President and the Legislature, an Annual Report which shall include a detailed
account of registered patents, trademarks, copyrights, and other intellectual property rights statistics of full
and adequate information for decision-making income generated and such other relevant facts required to
provide.
PART IV
TRANSITIONAL PROVISIONS
Section 7:
Transitional Provisions
§7.1. Transitional Provisions
Upon the effective date of this Act, the following actions shall be considered automatically taken:
a) the incumbent Director General of the Industrial Property Office shall serve as Acting Director
General of LIPO; while the Officer-In-Charge for Copyright shall serve as Deputy Director for
Copyright and Industrial Property pending the appointments of a Director General and Deputy
Directors as provided herein.
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