Section 45: Use of funds

(1) The funds of the organisation and a public agricultural research institute may be applied for the- (a) payment or discharge of its expenses, obligations or liabilities incurred in connection with the performance of its functions or exercise of its powers under this Act, and (b) payment of any remuneration or allowances payable under this Act. (2) Subject to subsection (1), the funds of the organisation and a public agricultural research institute may be invested in- (a) fixed deposits with a bank approved by the council, or a management committee; (b) treasury bills and securities of the Government; or (c) such other manner as may be approved by the council or the management committee after consultation with the Minister. (3) Funds of the organisation or a public agricultural research institute may not be invested in any business licensed under this Act. (4) Where, at the end of a financial year of the organisation or of a public agricultural research institute, and after- (a) setting aside the amount required for its capital expenditure and operations; (b) making provision for bad and doubtful debts; (c) making provision for depreciation of assets; and (d) taking into consideration any other contingencies; any surplus is made from its operations, the, organisation and a public agricultural research institute shall declare the surplus to the Minister responsible for finance and it shall be paid into the Fund.