35
Telecommunications Commission Special
Fund; and
(b)
under section 51 or otherwise for the
purposes of funding universal access shall be
paid into the Universal Access Special Fund.
(3)
Subject to section 134, all moneys in the
Telecommunications Commission Special Fund shall be at
the sole disposal of the Telecommunications Commission
for the sole purpose of funding its activities under this Act.
(4)
All moneys in the Universal Access Special Fund
shall be at the sole disposal of the Telecommunications
Commission for the sole purpose of funding universal access
under Part 6.
(5)
Subject to the Constitution and this Act, the
Telecommunications Commission shall administer and
account for its finances and those of universal access—
(a)
(b)
separately from one another; and
independently of the Government and service
providers.
(6)
Subject to section 131(3), no money shall be issued or
schedule of payments authorised from either special fund
except as duly signed by the commissioner.
(7)
The Telecommunications Commission may, with the
approval of the Minister responsible for Finance—
_
(a)
(b)
establish such bank accounts as it requires for
the management of funds; and
invest the funds at its disposal in low risk
investments.
(8)
In accordance with section 100(3) of the Constitution,
the receipts, earnings and accruals of each special fund
established pursuant to subsection (1) and the balance of
such fund at the close of each financial year shall not be paid
into the Consolidated Fund but shall be retained in the
relevant special fund for the purposes of such special fund in
its following financial year.