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(1) Other public institutions as defined in section 45(1) of Act 654 and government agencies, which receive financial support from government shall have agreements covering the payment of such support  and shall provide for the

(a)  appointment of a government nominee in the governing body;

(b) prior approval by the Government of financial and accounting arrangements of the institution concerned;

(c) submission of the annual estimates to the Minister for review and submission to Parliament for approval;

(d) audit of accounts by the Auditor-General or an auditor appointed by and reporting to  the Auditor-General; and

(e) issue of directions by the Government on matters affecting the financial policy to be adopted by the institution concerned.

(2) The requirement for receipt of financial support shall be subject to the condition that the institution assisted shall render audited annual statements of accounts to the Minister with a copy to the Controller and Accountant-General.

(3) The provisions of section 50(1) and (2) of the Financial Administration Act, 2003 (Act 654) shall apply to all other public institutions.

(4) Where financial support is given by Government to public institutions, quarterly returns on expenditure shall be forwarded to the Minister and the Controller and Accountant General in such form as may be determined by the Controller and Accountant-General in consultation with the Minister.

(5) The returns shall be submitted not later than the fifteenth day following the end of the quarter and shall be certified by the public institution to be in accordance with policy directives and agreements under which the financial support was provided.

(6) Except for virements as allowed by regulation 171 a variation shall not be made in budgeted expenditure approved under the financial support provided to any public institution without the prior approval of the Minister.

(7) Unutilised balances held by public institutions at the end of the year shall be reported in accordance with regulations 41 (Balance of Appropriation)