Clause 16

The Board shall prepare in respect of each financial year a statement of account of the Fund in a form approved by the Minister. Such statement of account shall be audited by a qualified auditor to be appointed in respect of each year by the Minister, and the auditor shall make a report on the accounts examined by him.

The remuneration of the auditor appointed by the Minister under subsection (1) of this section shall be fixed by the Minister and shall be paid out of the Fund.

So soon as the accounts have been audited, the Board shall send to the Minister a copy of the statement of account and the report thereon by the auditor referred to in subsection (1) of this section, and the Minister shall present a copy of every such statement and report to the Legislative Assembly.