Cap. 343 Art. 19Capital and revenue of the Corporation.

(1) The Corporation shall be endowed with an initial capital of five hundred and eighty-two thousand and three hundred and forty-three euro and thirty-five cents (582,343.35) which shall be paid by the Government out of the Consolidated Fund, without further appropriation other than this Act, by warrant under the hand of the Minister responsible for finance authorising the Accountant General to make the payment.

(2) Thereafter the Corporation shall be paid out of the Consolidated Fund such sums as the House may approve in accordance with the following articles:

Provided that in relation to its function, other than those in connection with its function as an employment service for the purposes of article 110 of the Constitution, nothing in this Act shall prevent the Corporation from entering into arrangements for each financial year adopt, estimates of the income and expenditure of the Corporation for the next following financial year.

(4) The estimates shall be made in such form and shall contain such information and such comparisons with previous estimates as the Minister may direct.

(5) The Corporation shall within the same time mentioned in subarticle (3), make a report of its activities during that year containing such information relating to the functions and activities of the Corporation as the Minister may from time to time require.

(6) A copy of the estimates of the Corporation, together with a copy of the report, shall, upon their adoption by the Board, be sent forthwith to the Minister.

(7) The Minister shall, at the earliest opportunity and not later than four weeks after he has received a copy of the estimates and of the report of the Corporation, or, if at any time the House is not in session, within four weeks from the beginning of the next following session, cause such estimates and such report to be laid before the House together with a motion that the House approve the said estimates. Not less than one sitting shall be allotted for the debate in the House on such motion; and both the motion and the approval of the estimates by the House may be with or without amendment to the estimates.

(8) No expenditure shall be incurred by the Corporation that has not been approved by the House: Provided that -

(a) until the expiration of six months from the beginning of a financial year or until the approval of the estimates for that year, the Corporation may make or incur expenditure for carrying out its functions under this Act not exceeding in the aggregate one half of the amount approved for the preceding financial year;

(b) expenditure approved in respect of a head or sub-head of the estimates may, with the approval of the Minister, be incurred in respect of another head or sub-head of the estimates;

(c) if in respect of any financial year it is found that the amount approved by the House is not sufficient, or if a need has arisen for expenditure for a purpose not provided for in the estimates, the Corporation may adopt supplementary estimates for approval by the House and, pending such approval, but subject to its being given, the Corporation may in special circumstances and with the approval of the Minister, incur the relative expenditure; and the provisions of this Act applicable to the estimates shall, as near as weeks from the coming into force of this article and as if the total expenditure that may be made or incurred by the Corporation until the approval of the estimates for that year by the House may not exceed one half of the amount shown in such estimates.

(9) All estimates and supplementary estimates approved by the House shall, as soon as practicable, be published in the Gazette.