Section 5: General financial provisions.

(1) The Board is hereby empowered-
(a) to receive all funds which may, from time to time, be granted to it by the Federal Government and to apply and administer those funds in accordance with such terms and conditions as may be attached to the grant and in accordance with this Act; and
(b) to receive all other monies otherwise obtained by the Board and to apply and administer those monies in furtherance of the purpose of this Act and in accordance with any terms and conditions upon which those monies may have been obtained.
(2) The Board shall submit to the Minister, not later than 31 October in each financial year, an estimate of its expenditure and income during the next succeeding financial year; and it shall be the duty of the Director to prepare for the consideration of the Board, the estimate which in his opinion it would be proper for the Board to submit to the Minister in pursuance of this subsection.
(3) The receipts of the Board on revenue account in any financial year shall be applied in payment of the following charges-
(a) the remuneration and allowances payable to members of the Board;
(b) the salaries, fees or other remuneration or allowances, and pensions, superannuation allowances and gratuities, payable to the Director and officers of the Board;
(c) expenditure on the maintenance of any property vested in the Board;
(d) provision for the depreciation or the renewal of any assets vested in the Board;
(e) interest due on any debenture stock or other stock issued or any temporary loan raised by the Board;
(f) the sums required to be transferred to a sinking fund or otherwise, set aside for the purpose of making provision for the repayment of debenture stock or the repayment of other borrowed monies;
(g) such allocation to any general reserve established under section 6 of this Act and to contingencies or any other reserve as may in the opinion of the Board, be appropriate;
(h) grants for purposes conducive to the welfare of persons employed by the Board;
(i) such contributions to such charitable objects as the Board, with the approval of the Minister, may determine;
(j) the purchase of books, equipment and other related material; and
(k)
such other charges as may be reasonably incurred in the exercise of the Board's functions,
and the balance, if any, shall be applied to such charitable or public purposes and in such manner as the Minister may direct.
(4) The financial year of the Board shall coincide with that of the Federal Government.