Section 7: Financial provisions.

(1) The Corporation shall keep proper accounts and proper records in relation thereto in a form which shall conform with the best commercial standards.
(2) The Corporation shall as soon as may be after the end of the financial year to which the accounts relate cause its accounts to be audited by auditors appointed by the Corporation, with the approval of the president, from the list of auditors and in accordance with the guidelines laid down by the Auditor-General for the Federation.
(3) The auditors shall, on the completion of the audit of the accounts of the Corporation for each financial year, prepare and submit to the Corporation reports setting out-
(a) general observations and recommendations of the auditors on the financial affairs of the Corporation for the year and on any important matters which the auditors desire to bring to the notice of the Corporation; and
(b) detailed observations and recommendations of the auditors on all aspect of the operations of the Corporation for that year.
(4) The Corporation shall maintain a fund which shall consist of-
(a) such monies as may, from time to time, be provided by the Federal Government for the purposes of this Act by way of grants or loans or otherwise howsoever; and
(b) such monies as may be received by the Corporation in the course of its operations or in relation to the exercise by the Corporation of any of its functions under this Act, and from such fund there shall be defrayed all expenses incurred by the Corporation.
(5) The Corporation shall submit to the president not later than three months before the end of each financial year estimates of its expenditure and income relating to the next following financial year.