6K Application of profits cite [+]
The net profit arising from the civil aviation services in respect of a financial year shall be applied in such manner as the Minister with the concurrence of the Minister of Finance determines.
Each year the Director General shall submit through the Minister to the Treasury the estimated income and expense statement on the operations of civil aviation services in respect of the next succeeding financial year, the total cash requirement for operating and development expenditure to be incurred in respect of those services during that year and the sources from which the moneys to be expended are proposed to be obtained. In support of this statement the Director General shall submit details of the development programme which he proposes to undertake in the next succeeding financial year and other matters relating to civil aviation services as the Treasury considers appropriate.
6M Minister's report to Parliament cite [+]
The Minister shall cause to be laid before each House of Parliament before the commencement of each financial year a statement of the estimated financial results which he expects to achieve in the next succeeding financial year together with the details of the proposed development programme and the sources from which the programme will be financed.
(1) The commercial accounts of the civil aviation authority shall be audited annually by the Auditor General and the provisions of the Audit Act 1957 [Act 62] shall apply.
(2) The Director General shall, not later than 31 March of the following year or such later date as the Minister of Finance may determine transmit to the Auditor General the financial statements of the commercial accounts referred to in subsection (1) which will consist of the balance sheet, profit and loss statement and such other supporting statements as may be required by the Treasury.
(3) The audited statements shall be submitted to the Minister of Finance, who shall cause them to be laid before each House of Parliament.
Save as otherwise provided in this Part, the Financial Procedure Act 1957 and the Development Funds Act 1966 and any regulations made and instructions issued under it shall apply to the Director General and other persons employed by the Government in the Civil Aviation Department.