Clause 33

All 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 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 Board.

The Board shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Board and over the expenditure incurred by the Board.

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

The accounts of the Board shall be audited by an auditor approved by the Minister.

The Board shall, as soon as practicable after the end of each accounting year but not later than 3 months from the end of that year unless the Minister otherwise authorises in writing, submit to the Minister a report of its functions, proceedings and activities during the preceding year.