$ (2) The Authority shall use the funds acquired under subsection (1) to meet the costs incurred for its operations and shall use any surplus accrued for such purposes as, with the approval of the Minister, it may determine. PART III—0HHWLQJVDQG3URFHHGLQJVRIWKH%RDUG Meeting of Board  (1)Subject to the provisions of this Act, the Board shall regulate its own procedure. (2) The Board shall meet as often as it is necessary or expedient for the discharge of its functions, and such meetings shall be held at such places, times and days as the Chairman may determine. (3) Meetings of the Board shall be called by the Chairman; and the Chairman may also call a special meeting of the Board within seven days of receipt of a request in writing of at least three members of the Board for such special meeting to be held. (4) Three members of the Board shall form a quorum. (5) At any meeting of the Board, the Chairman shall preside, and in his absence the Vice-Chairman; in the absence of both the Chairman and the Vice-Chairman, the members of the Board present shall elect from among their number, a chairman for purposes of that meeting. (6) The decisions of the Board shall be by a majority of votes and, in the event of an equality of votes, the Chairman shall have a casting vote in addition to his deliberative vote. (7) Minutes of each meeting of the Board shall be kept and shall be confirmed at a subsequent meeting of the Board. Declaration of interest by Board members (1) If at any meeting of the Board a Board member is aware or becomes aware that a matter which affects him beneficially directly or indirectly is to be discussed, he shall forthwith declare, to the Board, his interest in the matter and the Board may, if it considers it appropriate, require him to require himself from the discussion on that matter. (2) Any Board member who fails to comply with the provisions of subsection (1) shall be guilty of an offence and shall be liable to a fine of not less than P10 000.00 but not more than P30 000.00. Signification of documents  All documents made by, and all decisions of, the Board may be signified underthe hand of the Chairman of the Board, or any member or senior officer of the Authority generally or specially authorized in that behalf. Accounts and Audit (1) The Authority shall keep proper accounts and records in relation thereto, and shall prepare in respect of each financial year a statement of accounts showing in detail the assets and liabilities (real and contingent) and income and expenditure of the Authority, in a form which shall conform with the best commercial accounting standards applicable to the provision of telecommunications services. (2) The accounts of the Authority in respect of each financial year shall, within four months or such extended time after the end thereof as the Minister may direct, be audited by such auditor as may be appointed by the Authority.