Government Gazette 29 December 2004 14 No.3361 NATIONAL HERITAGE ACT, 2004 Act No. 27, 2004 Bank accounts 20. (1) The Council must open and maintain accounts with a banking institution, as defined in section I of the Banking Institutions Act, 1998 (Act No.2 of 1998), as may be necessary for the performance of the functions of the Council. (2) The Council must ensure that (a) all money received by or on behalf of the Council is deposited into its bank account as soon as is practicable after the receipt thereof; (b) any payment by the Council is made from its bank account; and (c) no money is withdrawn, paid or transferred from its bank account without the Council's authority. ­ (3) Cheques or orders drawn on the Council's bank account must be signed on its behalf by two persons authorised for that purpose by resolution of the Council. Investment of money 21. Any money of the Council that is not immediately required for expenditure by the Council may be invested at a banking institution referred to in section 20(1) or another registered financial institution approved by the Minister. Financial year, accounts and audit 22. (1) The financial year of the Council ends on 31 March of each year. (2) The Council must ­ (a) cause proper books and records of account to be kept in accordance with generally accepted accounting practice and procedure to represent fairly the state of affairs and business of the Council and to explain its transactions and financial position; and (b) not later than three months after the end of each financial year, cause annual financial statements to be prepared showing, with appropriate particulars, the money received and expenditure incurred by the Council during the financial year and its assets and liabilities as at the end of that financial year. (3) The books and records of account and the annual financial statements of the Council must be audited by the Auditor-General. Reports and financial statements ­ 23. (1) (a) furnish to the Minister such information as the Minister may from time to time in writing require in connection with the activities and financial position of the Council; and (b) each year, within six months of the end of its financial year, submit to the Minister ­ The Council must (i) a report on its activities in respect of that financial year; and (ii) copies ofthe Council's audited financial statements and the auditor's report for that financial year;