15th June, 2012 Statutory Instruments 235 (d) conduct a valuation of assets obtained from the Fund disbursements on a quarterly basis; and (e) make a comprehensive report to the Authority on the loan disbursements made to applicants and the activities associated with the Fund disbursements on the accounting date. (2) An agreement entered into under sub-regulation (1) may specify any other terms and conditions relating to the administration and management of the Fund account consistent with the provisions of the Act and these Regulations. (3) The Authority shall advance a manager with an agreed amount of money from the Fund for onward lending to a universal service provider. (4) The Authority shall pay to the manager such money as may be agreed with the Authority. 18. (1) There shall be charged on, and discharged from, the Fund Application of Fund (a) the payment of contributions in accordance with the Act; (b) all the expenses incurred in connection with, or incidental to the management and administration of the Fund, including the cost of audit; and (c) any other payments authorised to be made out of the Fund under the provisions of the Act or these regulations. (2) The sum standing to the credit of a manager shall, until paid out in accordance with these Regulations, remain the property of the Authority and shall not form part of the assets of a fund manager or universal service provider in the event of bankruptcy or insolvency, or be liable to attachment in satisfaction of the fund manager’s or universal service provider’s debts. 19. (1) The manager may, subject to this regulation, with the approval of the Authority, invest any money of the Fund not required to meet the charges upon the Fund in any of the following ways: (a) in any interest bearing accounts of any bank or institution which is governed by any written law; (b) in stocks, securities or funds issued by, or on behalf of, the Government or in stocks, securities or funds guaranteed by the Government; and (c) in such other investment as may be approved by the Authority. Investment of moneys of fund