NIGERIAN ACCOUNTING STANDARDS BOARD ACT

Section 14: Expenditure of the Board.

2003Section 14 of 32Federal Republic of Nigeria

The Board may, from time to time, apply the proceeds of the Fund established under section 13 of this Act-
(a) to the cost of administration of the Board;
(b) to the payment of the emoluments, allowances and benefits of the Council or any committee set up by the Council and for such expenses as may be expressly authorised by the Council;
(c) to the payment of the salaries, fees or other remuneration or allowances, gratuities and pensions and other benefits payable to the staff and other employees of the Board, so however that no payment of any kind under this paragraph (except such as may be expressly authorised by the Council) shall be made to any person who is in receipt of emoluments from government of the Federation or of a State;
(d) for the development and maintenance of any property vested in or owned by the Board;
(e) for maintaining general financial reserves subject to the general or special directive that may be given in that behalf by the Minister in accordance with the provisions of this Act; and
(f) for and in connection with all or any of its functions under this Act.

Cite this section

Section 14, NIGERIAN ACCOUNTING STANDARDS BOARD ACT (2003).

https://repo.podus.ai/laws/nigerian-accounting-standards-board-act/section/14/