Clause 21

All moneys arising from fees payable under this Act shall be paid to the Board to be applied in the first place to defraying expenses of registration and other expenses of the administration of this Act, including any expenses of the Board that may be allowed under any rules made under this Act and thereafter to providing scholarships and the promotion of learning and education in connection with engineering.

The Registrar shall take and receive all moneys payable to the Board under this Act.

All fees and other moneys payable to the Board under this Act shall be paid forthwith into a bank account approved by the Minister.

The Board may from time to time invest any moneys not immediately required by the Board in such trustees’ securities as the Board may determine.

The Board shall keep full and proper accounts of all moneys received and expended by it and the accounts shall be audited by an auditor approved by the Minister.