12. Except as otherwise provided, all expenses incurred in carrying out the purposes of this Act must be met from the funds of the Council.
[8
Grants to Council
13. For the purpose of enabling the Council to carry out its functions under this Act or any other written law, the Minister may make grants to the Council of such sums as the Minister may determine out of moneys to be provided by Parliament.
[9
Bank accounts and application of revenue
14.—(1) The Council must open and maintain an account or accounts with such bank or banks as the Council thinks fit.
(2) Every such account must be operated upon as far as practicable by cheque signed by such person or persons authorised to do so by the Council.
(3) The moneys of the Council must be applied only in payment or discharge of expenses, obligations and liabilities of the Council and in making any payments that the Council is authorised or required to make.
[10
Issue of shares, etc.
15. As a consequence of —
(a)
the vesting of any property, rights or liabilities of the Government in the Council under this Act; or
(b)
any capital injection or other investment by the Government in the Council in accordance with any written law,
the Council must issue such shares or other securities to the Minister for Finance as that Minister may direct.
[10A
[31/2015]
Power of investment
16. The Council may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
[10B
[31/2015]
Financial year
17. The financial year of the Council begins on 1 April of each year and ends on 31 March of the succeeding year.