Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Financial provisions with respect to DI Fund, PPF Life Fund and PPF General Fund
74. The financial provisions set out in the Sixth Schedule have effect with respect to all moneys in the DI Fund, the PPF Life Fund and the PPF General Fund, respectively.
Financial provisions with respect to Agency
75. The financial provisions set out in the Seventh Schedule have effect with respect to the Agency.
Annual report of Agency
76. The Agency must, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister a report dealing generally with the activities of the Agency during the preceding financial year and containing such information relating to the proceedings and policy of the Agency as the Minister may, from time to time, direct.
Three-year estimates of income and expenditure
77.—(1) The Agency must before the start of every period of 3 consecutive financial years beginning 1 April 2019, prepare or cause to be prepared estimates of income and expenditure of the DI Fund, the PPF Life Fund, the PPF General Fund and the Agency for the 3 ensuing financial years. [31/2018] (2) The Agency must also prepare or cause to be prepared a supplementary estimate for any financial year where the estimates prepared under subsection (1) are insufficient.[31/2018] (3) All estimates mentioned in subsections (1) and (2) must be presented to the Minister for his or her approval.[31/2018]
Reporting to Minister
78. If the auditor in the course of the performance of his or her duties as an auditor of the Agency or the DI Fund, PPF Life Fund or PPF General Fund is satisfied that —(a) there has been a serious contravention of any provisions of this Act or the Companies Act 1967 or that an offence involving fraud or dishonesty has been committed; or (b) serious irregularities have occurred, including irregularities that jeopardise the interests of insured depositors or insured policy owners, the auditor must immediately report the matter in writing to the Minister.
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