Section 34Part 6 — Financial and accountability provisions
Financial procedure
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The revenue of the Office shall be classified under the following heads of receipt —
fees received under this Act, the regulations or any sectoral legislation;
amounts borrowed by the Office;
other sums which may in any manner become payable or available to the Office in respect of any matter incidental to its functions; and
such funds as may be available to the Office, for special or designated purposes, under this Act or any other Law,
and such revenue shall, within seven days of the receipt thereof, be paid into a bank account approved by the Minister of Finance.
The revenue of the Office shall be applied to meet the following heads of expenditure —
interest on loans;
repayment of overdraft, if any, on current account;
current expenses;
staff costs, including, salaries, pensions and gratuities;
special projects to promote innovation and economic development;
general reserve fund; and
miscellaneous expenditure, that is relevant to its functions under this Act or any other Law, approved by the Board.
The Office shall —
submit to the Cabinet, for approval, a general investment strategy for managing its reserve and other funds; and
invest such funds in a manner consistent with the approved investment strategy.