(1) All decisions, orders, rules and regulations relating to the financial operations of the Board and authorised by this Act shall be made by resolution of the Board at a meeting thereof and shall be recorded in the minutes of the Board.
(2) The Board shall keep a proper record of its accounts showing, under appropriate heads—
(a) the outstanding accounts of any loans received by the Board for the acquisition of or the construction of any premises, facilities or works by the Board;
(b) all monies received by the Board including appropriations by Parliament, donations and gifts received by the Board without being designated for any capital acquisitions or construction;
(c) the outstanding accounts of any loans and grants made by the Board; and
(d) all monies expended by the Board, in carrying out its activities.
(3) The accounts of the Board shall be audited by the auditors to be appointed annually by the Board with the approval of the Minister.
(4) The Board shall, before the commencement of each financial year, submit to the Minister a copy of its income and expenditure budget in relation to such year.
(5) After the end of each financial year, the Board shall, as soon as the accounts of the Board have been audited, cause a copy of the statement of accounts and summary of activities performed to be transmitted to the Minister together with a copy of any report made by the auditors on that statement or the accounts of the Board. The Minister shall cause a copy of every statement and report to be laid before Parliament.