Section 11: General Fund

11. General Fund (1) The Authority shall set up a General Fund— (a) into which shall be paid— (i) all sums received from the Consolidated Fund; (ii) all loans, interest or other sums, other than licence fees, which may lawfully accrue to the Authority; and (iii) all sums from any other source as may be approved by the Minister; and (b) out of which all payments required to be made by the Authority and all charges on the Authority shall be effected. (2) Any licence fee collected by the Authority shall, as soon as is reasonably practical, be paid by the Chief Executive into the Consolidated Fund. (3) The Board shall, not later than 3 months before the commencement of each financial year, submit to the Minister an estimate of its income and expenditure for that financial year. (4) For the purposes of section 5 of the Statutory Bodies (Accounts and Audit) Act, the period extending from the commencement of this Act to 30 June next following shall be deemed to be the first financial year of the Authority. (5) Sections 5, 7, 8 and 9 of the Statutory Bodies (Accounts and Audit) Act shall, in so far as they relate to audited accounts, not apply to the first financial year of the Authority. [Issue 5] G2 – 14 Revised Laws of Mauritius (6) The auditor to be appointed under section 5 (1) of the Statutory Bodies (Accounts and Audit) Act shall be the Director of Audit.