s.41Further duties and powers of, and prohibitions on, ministries and portfolios
41
Section 41Part 4 — Ministries and Portfolios - Duties of Ministries, Portfolios and Chief Officers

Further duties and powers of, and prohibitions on, ministries and portfolios

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

A ministry or portfolio shall not —
do anything that is inconsistent with its budget statement under section 42 or any direction given to it by the Minister of Finance under section 36;
incur, in any financial year, entity expenses exceeding in total its entity revenue in that year, unless otherwise agreed in writing by the Minister of Finance;
waive any revenue;
borrow or lend money;
permit any of its bank accounts to be overdrawn;
give any mortgage or other security or any guarantee; or
invest in an equity or debt security.
A ministry or portfolio shall only use the centralised accounting information system to record its entity financial transactions and shall not use any other accounting information system except with the written permission of the Financial Secretary.
A ministry or portfolio —
subject to paragraph (c), may only use the centralised banking system;
as part of the centralised banking system, may establish and operate one or more accounts —
at such bank or banks; and
on such terms and conditions,
shall not establish or operate any bank accounts outside the centralised banking system without the written approval of the Financial Secretary.
All money relating to an entity financial transaction shall be paid into or out of a bank account established and operated by it in accordance with subsection (3).
A ministry or portfolio shall pay to the chief officer of finance for each financial year a charge for the use of the equity invested by the Cabinet in the entity.
The capital charge shall be the amount arrived at by applying the capital charge rate determined by the Minister of Finance under section 32(g) to the net worth of the entity reported in the balance sheet of the entity.
A ministry or portfolio shall pay the capital charge twice yearly and in accordance with the dates and process established in any regulations made by the Minister of Finance under section 35(f).
A ministry or portfolio shall allocate the capital charge to the cost of its outputs along with other input costs.
In subsections (6), (7) and (8) — "capital charge" means the charge referred to in subsection (5).

Defined Terms

capital charge

Cross References

Referenced By