17.     Principles of financial operations

            (1) It shall be the duty of the Corporation to conduct its affairs on sound commercial lines and, in particular, so to carry out its functions under this Act and so prescribe the charges payable in respect of the provision by the Corporation of air transport services as to ensure that its revenues are sufficient to produce on the fair value of its assets a reasonable return measured by taking its net operating income as a percentage of the fair value of its fixed assets in operation plus an appropriate allowances for its working capital.

            (2) For the purposes of this section "net operating income" means the amount of income remaining after subtracting from the 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 reasonable 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.

18.     Fixing of tariffs

            (1) The Corporation shall, with the approval of the Minister, which approval shall not unreasonably be withheld, prescribe the tariffs at which it provides air transport services so as to ensure that it is able to comply with the provisions of section 17.

            (2) The Corporation may prescribe different tariffs or methods of charge for different classes or categories of service and for different areas or places.

            (3) Notwithstanding subsection (1), the Corporation may, where special circumstances exist and with the consent of the Minister, which consent shall not be unreasonably withheld, enter into an agreement with any person providing for special tariffs or charges on a commercial basis in respect of that agreement.

19.     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.

20.     Vesting of property in Corporation

            (1) Any properties, assets, rights, debts, liabilities and obligations of the former owners and the former airline and the benefit and burden of all contracts made by or on behalf of the former owners and the former airline which are part of or concern or relate to air transport services may with the consent of the Corporation, be transferred to and vest in the Corporation on such terms and conditions as may be agreed to by the Corporation and the former owners or the former airline.

            (2) The Minister may from time to time, by notice published 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 the air transport services and as from the date specified in any such designation the properties, assets, rights, debts, liabilities and obligations and the benefit and burden of the contracts so designated shall vest in the Corporation.

21.     Liabilities 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, made under any law.

22.     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 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 air transport services.

            (2) The accounts of the Corporation in respect of any financial year shall, within 4 months of the end of such financial year or with extended time as the Minister may direct, be audited by the Auditor-General or any auditor appointed by the Auditor-General (hereinafter referred to as "appointed Auditor").

            (3) The Auditor-General or any appointed auditor 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 kept properly;

     (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 or the appointed auditor and a copy of the audited accounts shall, within 7 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.