Section 3: Financial provisions and annual reports.

(1) The Council shall establish and maintain a fund from which there shall be defrayed all expenditure incurred by the Council.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section-
(a) such moneys as may be provided by the Government to the Council by way of grant or by way of loan or otherwise howsoever; and
(b) all other moneys that may accrue to the Council under this Act.
(3) The Council shall prepare and submit to the Minister not later than 30 June of the year in which this Act comes into force and in each subsequent year an estimate of its expenditure and income during the next succeeding financial year.
(4) The Council shall keep proper accounts in respect of each financial year and proper records in relation to those accounts and shall cause the accounts to be audited within six months after the end of each financial year to which the accounts relate.
(5) The Council shall not have power to borrow money or to dispose of any property except with the prior consent of the Minister and shall not have power to pay remuneration (including pensions, allowances or other) except with the prior consent of the Minister and shall not pay expenses to any member or employee of the Council or to any other person except in accordance with scales approved by the Minister.
(6) The Council shall prepare and submit to the minister not later than twelve clear months after its establishment and once in each year thereafter a report on the activities of the Council during the last preceding financial year and shall include in the report a copy of the audited accounts of the Council for that year and of the auditors' report on the accounts.