Section 13 Mortgage and Property Law of Lagos State

Section 13 of the Mortgage and Property Law of Lagos State 2010 is about Financial provisions. It provides as follows:

(1) The Board shall establish and maintain a fund from which all expenditure incurred by the Board shall be defrayed.

(2) There shall be paid and credited to the fund established under subsection (1) above—
(a) all such moneys as may from time to time be lent or granted to the Board by the
Government;
(b) all moneys raised for the benefit of the Board by way of gift, loan, debenture, grant-in aid, or otherwise; and
(c) all subscription fees, charges for services rendered by the Board.

(3) The fund shall be managed in accordance with the State Financial Regulation and such other rules and regulations made by the Commissioner and without prejudice to the generality of the power to make regulations under this subsection, the rules and regulations shall in particular contain the following provisions:

(a) specifying the manner in which the assets of the fund are to be held and regulate the payment into and out of the fund:

(b) requiring the keeping of proper accounts and records for the purposes of the fund in such forms as may be specified in rules;
(c) ensuring that the Accounts are audited periodically by an auditor approved by the Auditor-general; and

(d) requiring copies of the accounts and of the auditor’ s report to be furnished to the State Executive Council through the Commissioner within a stipulated time frame after the end of the period to which the accounts relate.

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