Personal Data Protection 55 Limitation on contracts 66. The Commissioner shall not, without the approval of the Minister and the concurrence of the Minister of Finance, enter into any contract under which the Commissioner is to pay or receive an amount exceeding two million ringgit. Bank accounts 67. The Commissioner shall open and maintain an account or accounts with such financial institution or financial institutions in Malaysia as the Commissioner, after consulting with the Minister, thinks fit; and every such account shall be operated upon as far as practicable by cheques signed by such persons as may be authorized by the Minister. Accounts and audit 68. The Commissioner shall cause proper accounts to be kept and maintained in respect of the Fund and in compliance with the provisions of the Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240]. Expenditure and preparation of estimates 69. (1) The expenditure of the Commissioner up to such amount as may be authorized by the Minister for any one year shall be defrayed out of the Fund. (2) Before 1 June of each year, the Commissioner shall submit to the Minister an estimate of the expenditure for the following year in such form and containing such particulars as the Minister may direct. (3) The Minister shall, before 1 January of the following year, notify the Commissioner of the amount authorized for expenditure generally or of the amounts authorized for each description of expenditure based on the estimate prepared under subsection (2).