(1) Statutory corporations and other public institutions other than those set up for commercial purposes shall be governed by the relevant sections of the Financial Administration Act, (Act 654) and in addition, the Sector Minister and the Minister may give general directions in writing to the Board on matters of policy in as much as these directives do not conflict with Act 654. 

(2) Notwithstanding sub-regulation (1) all heads of statutory corporations and public institutions other than those set up for commercial purposes shall seek prior approval of the Minister to maintain bank accounts in their corporate names

(3) Statutory corporations and other public institutions shall pay to government such moneys administered by them as the Minister on the recommendation of the Sector Minister consider to be in excess of the amount required for the purpose of the corporation, and the moneys may be applied towards the discharge of an obligation of the corporation to the government or may be applied as state revenue. 

(4) A copy of the audited accounts of statutory corporations and other public institutions shall be submitted to the Minister together with the budget of the ensuing year.