19.     Funds of the Corporation

            (1) The funds of the Corporation shall comprise-

     (a)     sums borrowed in terms of section 21(1);

     (b)     revenue accruing from the activities of the Corporation;

     (c)     such sums as may be appropriated for the activities of the Corporation by the National Assembly; and

     (d)     contributions or endowments from any other source.

20.     Financial policy of the Corporation

            (1) The Corporation shall so manage its business that taking one year with the next-

     (a)     its revenue is sufficient for meeting all expenditure properly chargeable to revenue; and

     (b)     sufficient provision is made for depreciation of assets.

            (2) Except in so far as is required by subsection (1) the making of profits shall not be the object of the activities of the Corporation.

21.     Borrowing powers of Corporation

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

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

22.     Investment

            (1) The Corporation may, with the approval of the Minister, given with the concurrence of the Minister responsible for finance, and subject to such conditions as he may, with such concurrence, determine, invest-

     (a)     such part of its funds as are not required for the purposes of its functions; and

     (b)     the moneys forming part of its reserve funds and any provident fund established by the Corporation.

            (2) The powers of the Minister under this section shall extend to the amount which may be invested and the nature of the investment and the terms and conditions thereof, and his approval may be either general or limited to a specific investment.

23.     Vesting of property, etc.

            (1) Any properties, assets, rights, debts, liabilities and obligations of the Government, and the benefits and burden of all contracts made by or on behalf of the Government, which are part of or concern or relate to Government housing or other building undertakings may, with the consent of the Board, be transferred to and vest in the Corporation as hereafter provided, on terms and conditions agreed to by the Board.

            (2) The Minister may, from time to time, by notice in the Gazette, designate for the purposes of this section properties, assets, rights, debts, liabilities and obligations of the Government, and contracts made by or on behalf of the Government, which are part of, or concern or relate to Government housing or other building undertakings, and as from the date specified in any such designation the properties, assets, rights, debts, liabilities and obligations so designated and the benefit and burden so designated shall vest in the Corporation.

24.     Accounts and audit

            (1) The Corporation shall keep proper accounts and other 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 or contingent), and income and expenditure of the Corporation.

            (2) The form of the accounts and of the statement shall be such as to secure the provision of separate information in respect of each of the housing schemes and of the other activities of the Corporation.

            (3) The accounts of the Corporation in respect of each financial year shall within four months after the end thereof be audited by auditors to be appointed by the Board with the approval of the Minister:

            Provided that no person shall be qualified to be so appointed if he is a member, officer or servant of the Corporation or unless he holds one or more of the qualifications referred to in section 128(1) of the Companies Act.

            (4) The auditors shall report in respect of the accounts for each financial year, in addition to any other matters which they deem pertinent to comment on, whether or not-

     (a)     they have received all the information and explanations which, to the best of their knowledge and belief, were necessary for the performance of their duties as auditors;

     (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.

            (5) The Corporation shall, within 30 days of receiving the report of the auditors, send such report and a copy of the audited accounts to the Minister.

            (6) 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.

25.     Bad debts

            The Corporation may, with the approval of the Minister given in relation to individual debts, write off bad debts.

26.     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.