19. Financial year and audit of accounts

The financial year of the Foundation shall be the calendar year.

The Board shall cause proper books of accounts to be kept of the income and expenditure, assets and liabilities and all other transactions of the Foundation.

The provisions of Article 154 of the Consititution relating to the audit of the accounts of public corporations shall apply to the audit of accounts of the Foundation.

The Board shall submit the audited statement of accounts together with the auditor’s report to the Minister within one hundred and fifty days of the end of the financial year to which such report relates. The Minister shall place such statement and the report before Parliament within two months of the receipt thereof.