Section 43, The National Investment Board Act, 2022

(1) The Secretariat shall within 3 months after the end ofeach financial year submit to the Board for approval an annual report of the activities , undertakings, properties and finances of the Board for that year. (2) An annual report shall include a copy of the audited accounts of the Board together with the audit report. (3) Not later than 3 months after the year to which the report relates the minister responsible for finance shall lay the approved report before Parliament. (4) Every year the Secretariat shall submit to the Board a statement of its activities in the pending financial year, indicating- (a) any problems experienced by it in that year in carrying out its functions ; (b) recommendations for solving problems referred to in paragraph (a);and (c) other information requested by the Board Power to operate bank accounts Books of account . Financial year of Board Annual report. 26 27 44 . The Board shall in the performance of its functions under this Act have due regard to sound financial principles and shall conduct its business in such a manner that taking one transaction with another and taking one year with another - (a) its revenue is enough for meeting all charges including interest on capital and loans properly chargeable to revenue account; (b) enough provision is made to provide for depreciation of assets; and (c) where any loss or bad debt arises in respect of any transaction, provision is made in respect of other transactions , whether of similar nature or otherwise , to offset the amount of that loss or debt. PART VII–OFFENCES