The Industrial Property Act, 2001
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(c) all monies from any other source provided for or donated or lent to the
Institute.
(2) There shall be made to the Institute, out of monies provided by
Parliament for that purpose, grants towards the expenditure incurred by the
Institute in the exercise of its powers or the performance of its functions
under this Act.
Financial year
17.The financial year of the Institute shall be the period of twelve months
ending on thirtieth June in each year.
Annual estimates
18. (1) At least three months before the commencement of each financial
year, the Board shall cause to be prepared estimates of the revenue and
expenditure of the Institute for that year.
(2) The annual estimates shall make provision for all estimated expenditure
of the Institute for the financial year and in particular, the estimates shall
provide for: (a) the payment of the salaries, allowances and other charges in respect of
the staff of the Institute;
(b) the payment of pensions, gratuities and other charges in respect of the
staff of the Institute;
(c) the proper maintenance of the buildings and grounds of the Institute;
(d) the maintenance, repair and replacement of the equipment and other
property of the Institute; and
(e) the creation of such reserve funds to meet future or contingent liabilities
in respect of retirement benefits, insurance or replacement of buildings,
equipment, or in respect of such other matter as the Board may deem
appropriate.
(3)The annual estimates shall be approved by the Board before the
commencement of the financial year to which they relate and shall be
submitted to the Minister for approval and after the Minister’s approval, the
Board shall not increase the annual estimates without the consent of the
Minister.
Accounts and
audit
19. (1) The Board shall cause to be kept all proper books and records of
accounts of the income, expenditure and assets of the Institute.
(2) Within a period of four months from the end of each financial year, the
Board shall submit to the Auditor-General (Corporations) or to an auditor
appointed under this section, the accounts of the Institute together with:(a) a statement of the income and expenditure of the Institute during that
year; and