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Broadcasting Act, 1999 (Act No. 4 of 1999)

Chapter IV : Public Broadcasting Service and Charter of Corporation

Part 6 : Financial matters

18. Financial regulations

 

(1) The Corporation must draw up proper financial regulations concerning the manner in which the financial affairs of the Corporation must be managed.

 

(2) Such regulations must be approved by the Minister after consultation with the Minister of Finance.

 

(3) The Corporation must make such regulations known in a manner it deems fit.

 

(4) The Corporation must open and maintain an account with a bank registered as such in the Republic, or with any other financial institution so registered and approved by the Minister of Finance.

 

(5) The Corporation may with the approval of the Minister invest any surplus funds of the Corporation.

 

(6) The surplus referred to in subsection (5) must at the end of a financial year, be carried over to the next financial year and form part of the budget of the Corporation for that financial year.

 

(7) Any dividends received by the State must be paid into the National Revenue Fund.