11.     Funds of Board

            (1) The funds of the Board shall consist of-

     (a)     such sums as may be payable to the Board from money appropriated by Parliament for the purpose;

     (b)     such other moneys or assets as may accrue to or vest in the Board pursuant to this or any other enactment; and

     (c)     such other moneys or assets which may accrue to or vest in the Board, whether in the performance of its functions or otherwise.

            (2) The Board may, with the consent of the Minister and of the Minister for the time being responsible for finance, or in terms of any general authority given by them and subject to such conditions and limitations as they may determine, borrow temporarily by way of overdraft or otherwise such sums as it may require for meeting its obligations and discharging its functions under this Act.

            (3) The Board shall charge to its revenue account all charges which in the normal conduct of business are properly chargeable to a revenue account and in so doing it shall make adequate annual provision, whether by sinking fund or other proper means, for-

     (a)     interest and other like charges and expenses incurred in connection with loans;

     (b)     the depreciation or diminution in value of assets;

     (c)     the redemption of loans at due times to the extent that the annual provision exceeds the amount to be provided under paragraph (a);

     (d)     any amount to be appropriated from revenue to the stabilization fund; and

     (e)     any amount to be appropriated from revenue to the development fund.

            (4) Moneys in any sinking funds established under subsection (3), the stabilization fund or the development fund or such moneys as are not required for the day to day business of the Board, shall be invested in such manner as the Minister for the time being responsible for finance may approve.

12.     Stabilization fund

            (1) The Board shall establish a stabilization fund into which shall be paid-

     (a)     any amount appropriated by Parliament specifically for the purposes of such fund; and

     (b)     such other amounts as the Board considers necessary for the purposes of such fund.

            (2) Subject to the provisions of section 15, moneys in the stabilization fund shall not be used except to stabilize prices paid by the Board from time to time in respect of scheduled produce, or for such other purposes as the Board may from time to time determine with the approval of the Minister and the Minister for the time being responsible for finance.

            (3) Moneys in the stabilization fund shall at no time exceed the sum of P1 000 000 or such other sum as may from time to time be approved by resolution of the National Assembly.

13.     Development fund

            (1) The Board shall establish a development fund into which shall be paid-

     (a)     amounts appropriated by Parliament to be specifically applied for development purposes; and

     (b)     such amounts as the Board may consider necessary for the purposes of such fund:

                      Provided that the Board shall not in any financial year appropriate to the fund any amount exceeding P2 per ton of scheduled produce dealt with by the Board in that year, or such other sum as the Minister, with the approval of the Minister for the time being responsible for finance, may determine.

            (2) Subject to the provisions of section 15, moneys in the development fund shall not be used except for the purposes of a development programme or programmes approved by the Minister.

14.     Financial policy of Board

            It shall be the duty of the Board to perform its functions and conduct its activities so far as is possible to ensure that, taking one financial year with another, its revenues are sufficient to enable the Board to meet the expenditure of the Board properly chargeable to its revenue account.

15.     Shortfalls

            If, in any financial year, the revenues of the Board, together with any surplus revenues brought forward from any previous financial year, are insufficient to enable the Board to meet expenditure properly chargeable to revenue account under section 11(3), the deficiency shall, unless the Minister, with the approval of the Minister for the time being responsible for finance, otherwise determines, be met from the stabilization fund or, if the moneys in such fund are insufficient for meeting the whole of the deficiency, then, to the extent of the shortfall, from the development fund:

            Provided that no moneys specifically appropriated by Parliament to the development fund or made available to the Board specifically for the purposes of such fund shall be utilized to make up any deficiency in revenue.

16.     Accounts and audit

            (1) The Board shall keep or cause to be kept proper books of account and other books and records in relation thereto and to all its undertakings, operations, work and property, and in addition such particular accounts and records in respect of any of its undertakings, operations, works and property as the Minister may direct.

            (2) The Board shall prepare or cause to be prepared in respect of each financial year a statement of accounts showing in all necessary detail the assets and liabilities (real or contingent), and the income and expenditure of the Board; such statement shall be in such form and shall contain such additional information as the Minister may require.

            (3) The accounts of the Board in respect of each financial year shall be audited by auditors appointed by the Board with the approval of the Minister, and the audited accounts and the auditor's report shall be prepared and forwarded to the Minister within four months of the end of each financial year.

            (4) In addition to the report referred to in subsection (3) the Minister may, at any time, require the Board to obtain from the auditors such other reports, statements or explanations in connection with the undertakings, operations, works and property of the Board as the Minister may consider expedient.

            (5) 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 Board have been properly kept;

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

     (d)     the statement of accounts prepared by the Board 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 Board.

17.     Annual report

            (1) The Board shall, not later than four months after the end of each financial year, submit to the Minister an annual report on its undertakings, operations, works and property during the year.

            (2) The Minister shall, within 30 days of receiving the annual report referred to in subsection (1), lay the same, together with the audited accounts of the Board and the auditor's report thereon, before the National Assembly.