Securities Industry Act - The Bahamas Laws On-Line - The ...
Securities Industry Act - The Bahamas Laws On-Line - The ...
Securities Industry Act - The Bahamas Laws On-Line - The ...
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SECURITIES INDUSTRY [CH.363 – 15<br />
12. (1) <strong>The</strong> Commission shall discharge its functions<br />
to ensure that its revenues are not less than sufficient to<br />
meet all sums properly chargeable to its revenue accounts<br />
and its funds under sections 10 and 11 taking one year with<br />
another.<br />
(2) Any excess of the revenue of the Commission<br />
for any financial year over the sum properly chargeable to<br />
its revenue account and its funds under sections 10 and 11<br />
for that year shall be applied by the Commission for the<br />
purposes of the Commission.<br />
13. (1) <strong>The</strong> Commission shall keep proper accounts<br />
of all transactions and shall prepare in respect of each<br />
financial year a statement of accounts in such form as<br />
the Minister may direct.<br />
(2) Such accounts shall be audited annually by an<br />
auditor appointed by the Commission with the approval of<br />
the Minister.<br />
14. (1) <strong>The</strong> Commission shall, as soon as practicable<br />
after the expiration of each financial year and in any event<br />
not later than 30th June in any year submit to the Minister<br />
a report containing —<br />
(a) an account of its transactions throughout the<br />
preceding financial year in such detail as the<br />
Minister may direct; and<br />
(b) a statement of the accounts of the Commission<br />
audited in accordance with section 13.<br />
(2) <strong>The</strong> Minister shall cause a copy of the report<br />
together with a copy of the audited financial statements<br />
and the auditor’s report to be laid on the table of both<br />
Houses of Parliament.<br />
15. (1) <strong>The</strong> Minister shall appoint and may dismiss a<br />
secretary to the Commission.<br />
(2) <strong>The</strong> secretary shall —<br />
(a) receive and process administratively all matters<br />
relating to the Commission, and<br />
(b) perform any other duties assigned to him by the<br />
Commission and by the Executive Director.<br />
16. <strong>The</strong> Minister shall appoint and may dismiss an<br />
Executive Director as he considers necessary for the<br />
purpose of performing the duties assigned to such officer<br />
by the Commission or by any written law.<br />
Balancing of<br />
revenue account<br />
and surplus<br />
revenue.<br />
Accounts and<br />
audit.<br />
Annual report.<br />
Appointment of<br />
Secretary.<br />
Appointment of<br />
Executive<br />
Director.<br />
[Original Service 2001]<br />
STATUTE LAW OF THE BAHAMAS
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