THE NATIONAL EXAMINATIONS COUNCIL OF TANZANIA

1. The funds and resources of the Council shall consists of:

1. such sums as may be provided for the purposes of the Council by Parliament either by way of grant or loan.

2. such donations, grants, bequests and loans as the Council may, from time to time receive from any person or organization.

3. such fees or other charges paid to the Council by candidates for examinations.

4. such sums as may in any manner become payable to or vested in the Council either under the provisions of this Act or any other written law, or incidental to the carrying out of its functions.

2. The funds and resources of the Council shall be applied for the purposes for which the Council is established under this Act.

Power to Invest Act, 1867 No.33:

The Council shall have power to invest the funds of the Council in such investments as are authorized by the trustees Investments Act, 1967, in relation to investment to funds by a trustee.

1. The Council shall, in respect of every financial year, cause to be prepared estimates of the expenditure and revenue of the Council, and such estimates shall be approved by the Council before the commencement of the relevant financial year.

2. The annual estimates shall contain provision for all the estimated expenditure during the relevant year and in particular:

   1. For the payment of salaries allowances, passages and other charges in respect of the members staff of the Council;

   2. To administer the funds and other assets of the Council.

   3. For the payment of allowances fees and expenses in respect of the members of the Council and of the Committees;

   4. For the payment of all pensions, gratuities and other charges in respect of retirement and terminal benefits which are payable out of the funds of the Council;

   5. For the construction of the buildings for use by the Council and for the improvement, maintenance, replacement and rental of the buildings and other immovable properties owned or occupied by the Council;

   6. For the proper maintenance and replacement of the furniture and equipment of the Council;

   7. For the creation of such reserve funds to meet future contingent liabilities as the Council may think fit

3. Save with the prior written consent of the Minister no expenditure shall be incurred for the purposes of the Council otherwise than in accordance with the provisions of the annual estimates or of supplementary estimates approved by the Council.

4. Copies of every annual estimates and of every supplementary estimates prepared in accordance with this section shall be furnished to the Minister.

1. The Council shall cause to be prepared in respect of every financial year.

   1. A statement of income and expenditure during such financial year.

   2. A statement of the assets and liabilities of the Council on the last day of such financial year;

   3. A report upon the progress and work of the Council during such financial year; and shall cause such statements and report to be forwarded to the Minister

Act. 1968 No. 1:

2. Within six months of the expiry of each financial year the Council shall cause the statements referred to in paragraphs (a) and (b) if subsection (1) to be audited by the Tanzania Audit Corporation established by the Tanzania Audit Corporation Act, 1968; and copies of the reports of the auditor shall be furnished to Minister together with the statements to which such reports relate.

The Minister shall lay before the National Assembly, as soon as may be practicable after he has received them, copies of the statements and report referred to in subsection (1) of section 16 together with copies of reports of the auditor referred to in subsection (2) of that section