Section 12
Accounts of Fund
of Tin Industry (Research and Development) Fund Act 1953
The Board shall cause full and true accounts of the Fund to be kept, which shall include separate accounts in respect of the
Publicity Fund and the Research, Development and General Purposes
Fund and shall, as soon as possible after 31 December of each year, issue a report of the Fund, together with a balance sheet and an account of income and expenditure during the preceding year, calculated from 1 January or from the date of inception of the Fund to 31 December, and a list of the investments (if any) of the Fund showing their cost price and value at such last mentioned date.
(2)
The annual balance sheet, income and expenditure account and list of investments (if any) of the Fund shall, prior to the issue thereof, be audited by such auditor as the Minister may appoint.
(3)
The annual report of the Board and the Auditor’s report or certificate and any observations shall be transmitted to the Minister not later than 30 April of each year and shall be laid before the
Dewan Rakyat by the Minister and published in the Gazette.