BROADCASTING SERVICES ACT [CHAPTER 12:06] (as at 11th January 2008) 31 Moneys of Fund The Fund shall consist of— (a) such monies as may be raised by contributions imposed in terms of section thirty-two; and (b) such moneys as may be payable to the Fund from moneys appropriated by Act of Parliament for the purpose of the Fund; and (c) any surplus of income over expenditure at the end of the Authority’s financial year appropriated in terms of paragraph 3 of the Fourth Schedule; and (d) any other moneys to which the Fund may be lawfully entitled. 32 Levies (1) Every licensee 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) Any person who fails to pay a levy due to the Fund shall in addition to any other penalty imposed for non-compliance with this Act, be liable to :(a) the suspension of his licence or (b) pay to the Fund an amount equivalent to double the levy due. 33 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of Fund (1) All moneys received on behalf of the Fund shall be paid into a banking account and no money shall be withdrawn therefrom except by means of cheques signed by such persons as are authorised on its behalf by the Authority. (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 licensee that is a corporate body. 34 Financial year of Fund The financial year of the Fund shall be the period of twelve months ending on the 31st December in each year. 35 Accounts and audit of Fund (1) The Authority 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 for auditing by the person appointed in terms of subsection (2) and to the Comptroller and Auditor-General. (2) The accounts of the Fund shall be audited by a person approved by the Minister who is registered as a public auditor under the Public Accountants and Auditors Act [Chapter 27:12]. - 27 -