Section 26 CAP. 35.05 26 27 28 29 Tuvalu Telecommunications Corporation Act Reserve fund (1) The Corporation shall have a reserve fund which shall consist of such sums as are placed to the credit of the reserve fund as the Board, with the approval of the Minister, determines. (2) There may be transferred from time to time from the reserve fund to the working capital of the Corporation such sums as the Board, with the approval of the Minister, determines. Financial year (1) The financial year of the Corporation shall end on 31st December in each year. (2) The Minister may amend subsection (1) of this section by order. Estimates (1) For each financial year the Board shall prepare and submit to the Minister for approval, not later than the end of November of that year or by such other date as the Minister directs, estimates of the income and expenditure of the Corporation, including its capital budget, for the coming financial year and for any longer period required by the Minister. (2) The Board shall cause to be kept all proper books and records of account of income, expenditure, assets and liabilities of the Corporation. Annual reports and accounts etc6 (1) (2) (3) Page 16 The Board shall as soon as practicable after the end of each financial year and in any event not later than six months from the end of the financial year, prepare — (a) a report on the operations of the Corporation during that year; and (b) accounts and financial statements, in the appropriate forms, in respect of that year. The report prepared under subsection (1) shall — (a) include details of the financial performance and effectiveness of the Corporation as judged by performance measures that are relevant to the telecommunications industry in Tuvalu and are prescribed by the Minister by notice; and (b) be submitted to the Minister as soon as practicable after it is prepared. The initial performance measures referred to in paragraph (2)(a) shall be prescribed by the Minister by notice no later than 31 August, 1996. 2008 Revised Edition