Tuvalu Telecommunications Corporation Act
23
CAP. 35.05 Section 23
(a)
moneys appropriated from time to time by Parliament for the purpose
and paid to the Corporation;
(b)
rights, interests, and assets of the Government vested in the Corporation
by section 23 of this Act;
(c)
all moneys received by the Corporation for goods or services provided
under this Act;
(d)
moneys derived from the sale of, or dealing with property vested in or
acquired by the Corporation;
(e)
moneys derived as income from investment by the Corporation;
(f)
all moneys borrowed by the Corporation under this Act;
(g)
moneys paid to the Corporation by way of grants, subsidies, donations,
loan, rent and repayment of principal or interest;
(h)
accumulations of income derived from any money or property of the
Corporation; and
(i)
any other moneys and any property lawfully received by, or made
available to, the Corporation under, and for the purposes of this Act.
Vesting of Government assets etc in Corporation
At the commencement of this Act, the rights, interests, assets and liabilities of the
Government formerly managed by the Telecommunications Authority shall be
transferred to and vested in the Corporation.
24
Conduct of business on commercial principles
The Corporation shall conduct its business in accordance with prudent commercial
principles and shall ensure as far as possible that its revenue is sufficient both to
meet its expenditure properly chargeable to revenue and to derive a profit.
25
Profits
(1)
The net profits of the Corporation in any financial year shall be determined by
the Board after allowing for the expenses of operation during that year and
making such provisions for depreciation, repayment of any advances, a credit
to the reserve fund under subsection (1) of section 26 of this Act, and such
contingencies and other purposes as are usually made by telecommunication
authorities.
(2)
The net profits of the Corporation in any financial year shall be allocated as
the Board, with the approval of the Minister, determines.
2008 Revised Edition
Page 15