(1) There shall be established by the Board within the Fund accounts in respect of the following:

(a) tertiary education;

(b) second-cycle education;

(c) basic education;

(d) investment; and

(e) other related aspects of education such as distance education, school and public libraries and special education.

(2) The Board shall submit annually to Parliament for approval a formula for the distribution of monies to the various accounts under subsection (1).

(3) The Board, in preparing the formula for Parliament shall take into consideration

(a) the promotion of the study of Mathematics, Science and Technology;

(b) the advancement of female education;

(c) the reduction in the high level of illiteracy in historically disadvantaged areas; and

(d) the promotion of computer, vocational and technical education and training.

(4) Funds allocated under the formula in respect of pre-tertiary education shall be equitably distributed to the districts.