Fund accounts, moneys

(1) NICH shall with the approval of the Minister of Finance open and maintain at such bank or banks as it may from time to time determine, accounts for the moneys of the Fund. (2) All moneys forming part of the Fund shall, as soon as practicable after received, be paid into the Fund account. (3) All payments out of the Fund, except petty disbursements not exceeding such sums as may be fixed by NICH, shall be made by such officer or officers as shall be appointed or designated for the purpose. (4) Cheques against, and withdrawals from, any bank account of the Fund shall be signed and counter signed by such officers as may be determined or designated by NICH. (5) The President shall cause to be kept proper, complete and accurate accounts and other records in relation to– (a) all the financial and business transactions of the Fund; (b) assets and liabilities; and (c) all other matters relating to the finances of the Fund; and shall prepare annually a statement of accounts in a form satisfactory to the Minister of Finance, being a form which shall conform to best accounting and commercial standards and practices. National Cultural Heritage Preservation 23 (6) Moneys of the Fund which have been allocated to a given project and which have not been expended on such project shall be returned to the Fund for reallocation or reinvestment. (7) Moneys of the Fund shall be expended only to meet the objects and purposes authorized by this Act including necessary administrative, management and operational costs, and to repay principal and interest on loans made in connection with this Act. (8) NICH shall keep full and accurate records of all moneys received and expended by the Fund. (9) The accounts of the Fund shall be audited annually under such arrangements and in such manner as may be approved by the Auditor General.