PART III FINANCIAL MATTERS Section 6: Financial Year, Accounts/Audits and Annual Report §6.1. Financial Year The financial year of LIPO shall be the period of twelve months ending on thirtieth day of June in each year. §6.2. Accounts and Audits a) The Board shall cause to be kept all proper books and records of accounts of the income, expenditure and assets of LIPO. b) At the end of each financial year, the Board shall submit to the Auditor-General pursuant to the Public Finance Management Law, the accounts of LIPO together with: i. ii. a statement of the income and expenditure during that year; and a statement of the assets and liabilities on the last day of that year. §6.3. Annual Report In addition to periodic reports as may be required, the Chairman of the Board shall require the Director General to submit to the President and the Legislature, an Annual Report which shall include a detailed account of registered patents, trademarks, copyrights, and other intellectual property rights statistics of full and adequate information for decision-making income generated and such other relevant facts required to provide. PART IV TRANSITIONAL PROVISIONS Section 7: Transitional Provisions §7.1. Transitional Provisions Upon the effective date of this Act, the following actions shall be considered automatically taken: a) the incumbent Director General of the Industrial Property Office shall serve as Acting Director General of LIPO; while the Officer-In-Charge for Copyright shall serve as Deputy Director for Copyright and Industrial Property pending the appointments of a Director General and Deputy Directors as provided herein. 16