No. 34

Communications

147.__(1) The funds of the Malawi Posts Corporation shall
consist of__
(a) such sums as may, from time to time, be allocated to the
Corporation by Parliament and the Universal Service Fund
Committee;
(b) such moneys or other assets as may accrue to or vest in the
Corporation by way of grants, subsidies, donations, bequests,
gifts, subscriptions, rents, interest or royalties, from the
government or any other person;
(c) such sums as are derived from the sale of any property by
or on behalf of the Corporation; and
(d) such sums as the Corporation may charge in respect of its
services.
(2) The Malawi Posts Corporation may, subject to any directions
of a general nature which may be given to its Board by the Minister
of Finance, invest such part of its funds that are not immediately
required for the purposes of its operations.

(3) Subject to the Public Finance Management Act, the
Corporation may borrow money for the purposes of carrying out its
duties and functions by__
(a) issuing loan stock on such terms as may be approved by the
Minister of Finance; or
(b) way of an overdraft or credit in Malawi or outside Malawi,
with the approval of, and subject to such limitations as may be
imposed by, the Minister of Finance.
148.__(1) The Malawi Posts Corporation shall keep proper books
of accounts and other records relating to its accounts.
(2) The accounts of the Corporation shall__

69
Funds of the
Malawi Posts
Corporation

Cap. 37:02

Accounts and
audit

(a) be audited annually by independent auditors appointed by
the Board; and

(b) be examined by the Auditor general before final approval
by the Board, and before being presented to the Minister in
accordance with section 149.

(3) The financial year of the Malawi Posts Corporation shall be
the same as the financial year of the government.
149.__(1) As soon as practicable, but not later than six months
after the expiry of each financial year, the Malawi Posts Corporation
shall publish in the Gazette and submit to the Minister a report
relating to its activities during that financial year.

Annual report

Select target paragraph3