(1) A statutory body shall adopt the financial management system under this Act or any other enactment.
(2) The funds of a statutory body include —
(a) money accruing to the statutory body in the exercise and performance of its functions;
(b) grants received for its operations from the Appropriation Act.
(3) A statutory body shall not open a bank account without the prior written approval of the Accountant General.
(4) A statutory body may not invest money except with the prior approval of the Minister.
(5) The Minister may make Regulations on the conditions on which a statutory body may undertake contractual commitments.
(6) Notwithstanding the provisions of an enactment for establishing the statutory body, the Minister and the responsible Minister may, in consultation with the board or controlling body of a statutory body, direct that the statutory body pay to the Government money in excess of the amount required for the purposes of its operations or capital expenditure and the money paid may be applied as revenue of the Government.
(7) Notwithstanding subsection (6), the Minister shall ensure that a statutory body is adequately resourced through appropriations to enable the statutory body to operate effectively and may, on the recommendation of the board or controlling body of the statutory body, direct the statutory body to retain all or part of its savings for its operations.
(8) The Minister may prescribe expenditure ceilings for a statutory body.
(9) A statutory body shall not incur any liability or make any commitments above a prescribed ceiling without prior approval in writing of the Minister and the responsible Minister.
(10) Where a statutory body fails to comply with subsection (9), the Minister may override any financial decision or commitment made by a statutory body whether directly by the Minister or acting through a representative of the Ministry on the board or controlling body of a statutory body.