Institute For Advanced Studies Act, 1940

Finances, accounts and audit.

28.—(1) It shall be the duty of the Council to administer the financial affairs of the Institute and of every Constituent School and for that purpose all moneys paid under this Act or otherwise to the Institute or to any Constituent School shall be paid to and received by the Council and all disbursements made by or on behalf of the Institute or a Constituent School shall be made by the Council.

(2) The Council shall keep, in such form as shall be approved of by the Minister with the concurrence of the Minister for Finance, all proper and usual accounts of all moneys received or expended by them, and in particular shall keep in such form as aforesaid all such special accounts as the Minister of his own motion or at the request of the Minister for Finance shall from time to time direct.

(3) The accounts kept in pursuance of this section shall be submitted annually by the Council to the Comptroller and Auditor General for audit at such time as the Minister, with the concurrence of the Minister for Finance shall direct and the said accounts, when so audited, shall together with the report of the Comptroller and Auditor-General thereon be presented to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas.