16.     Principles of financial operations

            (1) It shall be the duty of the Corporation to conduct its affairs on sound commercial lines.

            (2) For the purposes of this section "net operating income" means the amount of income remaining after subtracting from total operating revenues all charges which in accordance with generally acceptable accounting principles are chargeable to revenue accounts, including appropriate provisions for depreciation of assets, adequate maintenance and taxes, but before deducting interest and other charges on borrowing or taking into account non-operating income and expenditure.

            (3) In determining what constitutes a reasonable return, all pertinent economic and financial considerations shall be taken into account, which shall include but not be limited to the need for net operating income in an amount sufficient-

     (a)     to meet interest payments on borrowings;

     (b)     to provide for repayments to be made each year in respect of loans incurred by the Corporation to the extent to which such repayments exceed the year's provision for depreciation charged to revenue accounts;

     (c)     to provide a reasonable proportion of the funds needed for expanding the Corporation's activities and improving its services;

     (d)     to provide reserves for replacement, expansion or other purposes if and to the extent to which the Corporation deems it necessary to establish such reserves; and

     (e)     to make dividend payments to the Government in respect of its equity interest in the Corporation if and to the extent deemed appropriate by the Corporation, after consultation with the Minister and the Minister for the time being responsible for finance and having regard to the future financial requirements of the Corporation.

17.     Establishment of subsidiaries, etc.

            The Corporation may establish such subsidiaries and enter into such joint ventures, partnerships or other associations with private investors as it may consider necessary to enable it to conduct its affairs in accordance with section 16.

18.     Borrowing powers

            (1) In order to enable the Corporation to discharge its functions under this Act and to meet its obligations it may borrow, on such terms and in such currencies as may be agreed between it and any lender, such sums as it may require, subject to the approval of the Minister for the time being responsible for finance.

            (2) The Corporation may charge its assets, undertakings and revenues with the repayment of any money borrowed together with interest thereon and may issue debentures, bonds or other securities in order to secure the repayment of any money borrowed together with interest thereon and may do all other things necessary in connection with or incidental to such borrowings as are authorized by this section, subject to the approval of the Minister for the time being responsible for finance.

19.     Liability to pay tax, etc.

            Nothing in this Act shall exempt the Corporation from any tax, duty, rate, levy or other charge whatsoever, whether general or local.

20.     Accounts and audit

            (1) The Corporation shall keep proper accounts and records in relation thereto, and shall prepare in respect of each financial year a statement of accounts showing in detail the assets and liabilities (real and contingent) and income and expenditure of the Corporation, in a form which shall conform with the best commercial accounting standards applicable to the provision of telecommunications services.

            (2) The accounts of the Corporation in respect of each financial year shall, within four months or such extended time after the end thereof as the Minister may direct, be audited by the Auditor-General.

            (3) The Auditor-General shall report in respect of the accounts for each financial year, in addition to any other matter on which he deems it pertinent to comment, whether or not-

     (a)     he has received all the information and explanations which, to the best of his knowledge and belief, were necessary for the performance of his duties as auditor;

     (b)     the accounts and related records of the Corporation have been properly kept;

     (c)     the Corporation has complied with all the financial provisions of this Act with which it is the duty of the Corporation to comply; and

     (d)     the statement of accounts prepared by the Corporation was prepared on a basis consistent with that of the preceding year and represents a true and fair view of the transactions and financial affairs of the Corporation.

            (4) The report of the Auditor-General and a copy of the audited accounts shall, within seven days of the completion thereof, be forwarded to the Minister and to the Corporation.

            (5) The Minister shall, within 30 days of receiving the report and a copy of the audited accounts, lay such report and accounts before the National Assembly.