Financial procedures

(1) The revenues of the Authority shall be classified under the following heads of receipt, (a) dues and charges received by virtue of this Act; (b) amounts borrowed by the Authority; and (c) miscellaneous receipts, including interest on and service of investments, and such revenue shall, within seven days of receipt thereof, be paid into a bank account approved by the Minister responsible for Finance. (2) The revenues of the Authority shall be applied to meet the following heads of expenditure, 15 (a) repayment to the Government of loans advanced to the Authority; (b) repayment of overdraft, if any, on current (c) interest on loans; (d) sinking fund on loan redemption; (e) payment to the contractors; (f) repairs and maintenance of buildings and equipment and other current expenses; (g) any other expenditure approved by the Minister responsible for Finance. (3) After meeting the expenditure as set out in subsection (2) of this section, twenty per-cent of the surplus, if any, shall be paid into the reserve fund established under section 22 of this Act, and the remainder shall be paid by the Authority to the Accountant General for the Consolidated Revenue Fund.