Section 16: Financial provisions
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
16. Financial provisions
(1) The Corporation shall, in carrying out its objects, operate on sound
commercial principles.
(2) The revenue of the Corporation in a financial year shall be applied
in payment of, or to provide for, all expenses properly charged to the
Corporation.
(3) The Board may declare dividends on its paid-up share capital out of
the balance of revenue after meeting all expenses.
(4) (a) The Corporation shall, at least 3 months before the beginning of
every financial year, submit to the Minister an estimate of the revenue and
expenditure of the Corporation for that financial year.
(b) Subject to subsection (5), the Minister shall, before the beginning
of the financial year, signify in writing his approval of the estimate.
(5) Where the Minister signifies his approval under subsection (4), he
may—
(a) approve part only of the expenditure under any item;
(b) direct the Corporation to amend the estimate in respect of any
item in such manner as he thinks fit.
(6) —