Indigenisation and Economic Empowerment Act updated as at 8th May 2015 56.3 Any notice or document sent by post to, or left at, the registered address of a unit holder shall notwithstanding that such unit holder is dead or insolvent and whether or not the Board or the managers have notice of his or her death or insolvency be deemed to have been duly served and such service shall be deemed a sufficient service on all persons interested (whether jointly with, or as claiming though or under him or her, in the unit concerned. THIRD SCHEDULE (SECTION 15(3)) PROVISIONS APPLICABLE TO THE ADMINISTRATION OF FUND Application of Fund 1. Moneys in the Fund shall be applied to the purposes referred to in section 12 and to the cost of administering the Fund. Financial year of Fund 2. The financial year of the Fund shall be the period of twelve months ending on the 31st December each year. Financial management of the Fund 3.(1) All monies received on behalf of the Fund shall be paid into a banking account and no money shall be withdrawn therefrom except by means of cheques signed by such persons as are authorised by the Board. (2) Any part of the Fund not immediately required for the purposes of the fund may be invested in such manner as the Board may determine. Books of account and audit of Fund 4.(1) The Board shall ensure that— (a) proper accounts and other records relating thereto are kept in relation to all the financial transactions of the Fund; and (b) in respect of each financial year— (i) a balance-sheet; and (ii) a statement of the transactions referred to in paragraph (a); are prepared without undue delay. (2) The accounts of the Fund shall be audited by the Comptroller and Auditor-General, who shall have all the powers conferred upon him or her or her 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 and persons employed by the Board were employees of the State. - 43 -