41 Financial and miscellaneous provisions relating to Commission The Fifth Schedule shall govern the financial and certain other aspects of the operation of the Commission. 42 Annual report of Commission (1) As soon as possible after the end of each year, the Board shall submit to the Minister an annual report on matters dealt with by the Commission during that year. (2) At any time the Commission may submit a special report to the Minister on any matter upon which the Commission considers it desirable to report. PART VIII MEDIA AND INFORMATION FUND 43 Establishment and vesting of Media and Information Fund (1) There is hereby established a fund to be known as the Media and Information Fund. (2) Subject to this Part, the Fund shall be vested in and administered by the Commission as trustee. 44 Objects of Fund The objects of the Fund shall be— (a) the standardisation of mass media services and the maintenance of high standards of quality in the provision of such services; and (b) to assist in the training of persons in the provision of mass media services; and (c) to promote and contribute towards research and development in the field of information and mass media; (d) to promote public awareness on the right of access to information and protection of privacy; in accordance with an annual implementation plan prepared by the Commission in consultation with mass media editors’ offices. 45 Moneys of Fund The Fund shall consist of— (a) such monies as maybe raised by levies imposed in terms of section 46; (b) such moneys as may be payable to the Fund from moneys appropriated by an Act of Parliament for the purpose of the Fund; and (c) any surplus of income over expenditure at the end of the Commission’s financial year appropriated in terms of paragraph 3 of the Fifth Schedule; (d) any other moneys to which the Fund may be lawfully entitled; and (e) accreditation fees. 46 Levies (1) Every mass media owner, other than a broadcasting licensee as defined in the Broadcasting Services Act [Chapter 12:6], shall pay the prescribed annual levy to the Fund. (2) The dates on which the levies to the Fund become payable and the manner in which they shall be paid shall be as prescribed. (3) Where any mass media owner fails to pay the whole or any part of a levy within seven days after the date when it is due to the Fund the owner shall be liable to pay to the Fund an amount equivalent to double the levy due. (4) The Commission may, by action in a competent court, recover the amount of a levy or penalty payable in terms of this section. 47 Holding of Fund (1) All moneys received on behalf of the Fund shall be paid into a banking account and no money shall be withdrawn therefrom except by means of cheques signed by such persons as are authorised in that behalf by the Commission. (2) Any part of the Fund not immediately required for the purposes of the Fund may be invested in such manner as the Minister may determine: Provided that such moneys shall not be invested directly in any securities issued by a mass media editor’s office that is a corporate body. 48 Financial year of Fund The financial year of the Fund shall be the period of 12 months ending on the 31st December in each year. 49 Accounts and audit of Fund (1) The Commission shall cause proper books of accounts of the Fund to be kept, together with adequate financial and other records in relation thereto, and, within three months after the end of the financial year to which the accounts relate, shall submit the accounts to the Comptroller and Auditor-General for audit in terms of subsection (2). (2) The accounts of the Fund shall be audited by the Comptroller and Auditor-General, who shall have all the powers conferred upon him by section 9 of the Audit and Exchequer Act [Chapter 22:03] as though the assets of the Fund were public moneys or State property. - 12 -