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Amendment of section 2 of Principal Act.
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3.— Section 2 of the Principal Act is amended by—
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(a) deleting paragraph (b) of subsection (3), and
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(b) inserting the following subsection after subsection (3):
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“(3A) In addition to the matters referred to in subsection (3), an agreement made pursuant to that subsection shall—
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(a) provide that the fund manager shall—
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(i) open and maintain—
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(I) an account (to be known, and in this Act referred to as, the ‘ investment account’), and
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(II) an account (to be known, and in this Act referred to as, the ‘ matching funding account’),
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(ii) as soon as practicable after the end of each year, submit the accounts of the Fund for auditing to an auditor appointed by the fund manager with the consent of the Minister,
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(iii) submit a copy of the accounts audited by the auditor so appointed, and a copy of the report of the auditor in relation to those accounts, to the Minister as soon as practicable after their receipt by the fund manager but not later than 30 April in each year, and
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(iv) not later than 30 April in each year, prepare, and submit to the Minister, a report (in this Act referred to as the ‘ annual report ’) on the operation of the Fund during the year immediately preceding the year in which the report is submitted,
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(b) subject to paragraph (c), specify the classes of funding that may be lodged in—
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(i) the investment account, and
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(ii) the matching funding account,
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(c) provide that payments made by the Minister pursuant to section 3 and public moneys of the State or Northern Ireland shall not be lodged in the matching funding account,
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(d) specify the circumstances (other than those specified in subsection (1)) in which income from the matching funding account may be applied for educational purposes,
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(e) make provision for the distribution of any monies contained in the investment account and the matching funding account, in circumstances where the agreement is rescinded or otherwise ceases to have effect, and
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(f) make provision generally in relation to accounts of the Fund.”.
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