Section 5

Where a statutory body is unable to submit its accounts for the preceding financial year for audit not later than the 31st day of July of each year, it shall, before the expiry of such time limit, apply in writing to the State Financial Authority for an extension thereof setting out the reasons or grounds in support of such application.

Where a statutory body applies under subsection (1) for an extension of the time limit for the submission of its accounts for audit, the State Financial Authority, if satisfied with the reasons or grounds for the application, may grant such extension of the time limit as may be deemed necessary but such extension shall not in any case exceed a period of three months in the aggregate in respect of each financial year, and the statutory body shall then submit its statement of accounts for audit within the time limit as extended.

Submission of report to Minister.