<table>
<tr>
                                            <td vAlign="top" align="left" width="1257" height="64">
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <b>
                                              <span style="font-family: Arial">
                                              NEW TIMES CORPORATION ACT, 1971 
                                              (ACT 363)</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;ESTABLISHMENT OF NEW&nbsp; TIMES 
                                              CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. Establishment of Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. Compulsory acquisition of 
                                              property for Corporation where 
                                              there is hindrance</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;OBJECTS OF THE CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. Objects</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4. Corporation to conduct its 
                                              affairs on sound commercial lines</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;THE BOARD</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5. The Board</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6. Qualifications, and vacation of 
                                              office of members of Board, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              7. Remuneration of Board members</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              8. Meetings of the Board</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;MANAGEMENT AND STAFF OF 
                                              CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              9. Board to be in control of 
                                              general policy of Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              10. Execution of contracts, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              11. Staff of Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              12. Secretary of Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              13. Internal Auditor</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;FINANCIAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              14. Capital and Funds of 
                                              Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              15. Estimates of revenue and 
                                              expenditure</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              16. Staff Welfare Fund</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              17. Depreciation Fund</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              18. Corporation to pay sums into 
                                              Consolidated Fund</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              19. Borrowing powers</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              20. Corporation to keep proper 
                                              books of account</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              21. Financial year of Corporation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              22. Audit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;MISCELLANEOUS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              23. Annual Report, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              24. Quarterly reports</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              25. Minister's power of direction</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              26. Bye-laws or other Instruments</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              27. Exemption from taxes, etc.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              28. Interpretation</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              29. Dissolution of New Times 
                                              Limited</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial">
                                              THE THREE HUNDRED AND SIXTY-THIRD</span></p>
                                              <p class="MsoNormal" style="text-align: center"></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial">
                                              ACT OF PARLIAMENT OF THE REPUBLIC 
                                              OF GHANA</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              THE NEW TIMES CORPORATION ACT, 
                                              1971</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              AN ACT to establish the New Times 
                                              Limited as a statutory corporation 
                                              and to make other provision in 
                                              relation thereto.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 9th July, 1971</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              BE IT ENACTED by the President and 
                                              the National Assembly in this 
                                              present Parliament assembled as 
                                              follows:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART I&#8212;ESTABLISHMENT OF NEW TIMES 
                                              CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Establishment of 
                                              Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) There is hereby established a 
                                              body corporate to be known as the 
                                              New Times Corporation in this Act 
                                              referred to as &quot;the Corporation.&quot;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation shall have 
                                              perpetual succession and a common 
                                              seal, may sue and be sued in its 
                                              own name, and may for the purposes 
                                              of its functions under this Act 
                                              acquire, hold and dispose of any 
                                              moveable or immoveable property 
                                              and enter into any transaction 
                                              whatsoever.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Compulsory Acquisition 
                                              of Property for Corporation where 
                                              there is Hindrance.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where there is any hindrance to 
                                              the acquisition by the Corporation 
                                              of any property, the property may 
                                              be acquired for the Corporation 
                                              under the State Property and 
                                              Contracts Act, 1960&nbsp; (CA 6) or as 
                                              the case may be, under the State 
                                              Lands Act, 1962 (Act 125), and 
                                              each such Act shall, as the case 
                                              may be, apply in relation to any 
                                              such acquisition with such 
                                              modifications as may be necessary 
                                              to provide for the vesting of the 
                                              property acquired thereunder in 
                                              the Corporation and for the cost 
                                              of such acquisition to be defrayed 
                                              by the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;OBJECTS OF THE CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Objects.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              The objects of the Corporation 
                                              are&#8212;</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to carry on the business of 
                                              newspaper proprietors, and of 
                                              newspaper and general printers and 
                                              publishers, advertisers, and 
                                              advertising agents and 
                                              contractors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to purchase or otherwise 
                                              acquire or start either wholly or 
                                              in part, and to print, publish, 
                                              edit, and sell any newspaper, 
                                              journal, magazine, periodical, 
                                              print, picture, engraving, musical 
                                              composition or book and to carry 
                                              on the business of publishers, 
                                              lithographers, electrotypers, 
                                              bill-posters, bookbinders, 
                                              booksellers, stationers, 
                                              papermakers, type founders, 
                                              typecutters, and dealers in type, 
                                              ink, paper, and other materials 
                                              required for or in connection with 
                                              the business of printers and 
                                              publishers;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) to collect and disseminate 
                                              news and information, and employ 
                                              correspondents, authors, writers 
                                              and others and to pay for news and 
                                              information however obtained;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) to carry on business as 
                                              shorthand writers and reporters, 
                                              and to sell and supply news and 
                                              information, or literary or 
                                              artistic productions, articles, 
                                              novels, books and other works;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) to carry on such other 
                                              business as may be conveniently or 
                                              profitably carried on therewith or 
                                              as may enhance the value of any of 
                                              the Corporation's property;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) to manufacture and deal in all 
                                              kinds of articles and things 
                                              required for the purposes of any 
                                              such business as aforesaid or 
                                              commonly dealt with by persons 
                                              engaged in any such businesses; 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) to do such other things as may 
                                              appear to the Corporation to be 
                                              incidental or conducive to all or 
                                              any of the foregoing objects.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Corporation to Conduct 
                                              its Affairs on Sound Commercial 
                                              Lines.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) It shall be the duty of the 
                                              Corporation to conduct its affairs 
                                              on sound commercial lines, and in 
                                              particular, so to carry out its 
                                              functions under this Act as to 
                                              ensure that its revenues are 
                                              sufficient to produce on the fair 
                                              value of its assets, a reasonable 
                                              return measured by taking its net 
                                              operating income as a percentage 
                                              of the fair value of its fixed 
                                              assets in operation plus an 
                                              appropriate allowance for its 
                                              working capital.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In determining what 
                                              constitutes a reasonable return, 
                                              all pertinent economic and 
                                              financial considerations shall be 
                                              taken into account, including but 
                                              not limited to the need for net 
                                              operating income in an amount 
                                              sufficient:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to meet interest payments on 
                                              borrowings;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to provide for repayments to 
                                              be made each year in respect of 
                                              loans incurred by the Corporation 
                                              to the extent that such repayments 
                                              exceed the year's provision for 
                                              depreciation charged to revenue 
                                              account; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) to provide a reasonable 
                                              proportion of the funds needed for 
                                              expanding the Corporation's 
                                              activities and improving its 
                                              working;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) to provide reserves for 
                                              replacement, expansion or other 
                                              purposes if and to the extent that 
                                              the Board deems it necessary to 
                                              establish such reserves, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) to make such reasonable 
                                              payments to the Consolidated Fund 
                                              from time to time as may be 
                                              determined under section 18 of 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) In this section, the words 
                                              &quot;net operating income&quot; mean the 
                                              amount of income remaining after 
                                              subtracting from total operating 
                                              revenues all charges which in the 
                                              normal conduct of business are 
                                              proper to be charged to revenue 
                                              account, including provision for 
                                              adequate maintenance and straight 
                                              line depreciation of assets, but 
                                              before deducting interest and 
                                              other charges on borrowings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;THE BOARD</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;The Board.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The governing body of the 
                                              Corporation shall be a Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Board shall consist of&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a Chairman and not less than 
                                              four nor more than ten persons 
                                              appointed by the President acting 
                                              in consultation with the Council 
                                              of State; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the person appointed Managing 
                                              Director under section 9 of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Qualifications, and 
                                              Vacation of Office of Members of 
                                              Board, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No person shall be qualified 
                                              to be a member of the Board who 
                                              has been sentenced to death or to 
                                              a term of imprisonment exceeding 
                                              twelve months without option of a 
                                              fine or has been convicted of an 
                                              offence involving dishonesty or 
                                              moral turpitude and has in each 
                                              case not been granted a free 
                                              pardon.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) No person shall be qualified 
                                              to be a member of the Board if 
                                              having been declared as an 
                                              insolvent or bankrupt under any 
                                              law for the time being in force in 
                                              Ghana or in any other country is 
                                              an undischarged insolvent or 
                                              bankrupt.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The members of the Board other 
                                              than the Managing Director shall 
                                              hold office for one year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Any member of the Board other 
                                              than the Managing Director may 
                                              resign his office by notice in 
                                              writing addressed to the Minister 
                                              and without prejudice to the 
                                              general effect of subsections (1) 
                                              and (2) of this section, any 
                                              member of the Board may be removed 
                                              from office by the President 
                                              acting in consultation with the 
                                              Council of State.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the office of a member 
                                              of the Board other than the 
                                              Managing Director becomes vacant 
                                              under subsection (1), (2) or (4) 
                                              of this section before the 
                                              expiration of his term of office 
                                              under subsection (3) of this 
                                              section or by his death, the 
                                              Minister shall notify the Prime 
                                              Minister of the occurrence of such 
                                              event and the President shall, 
                                              acting on consultation with the 
                                              Council of State and subject to 
                                              the provisions of this Act, 
                                              appoint another person in his 
                                              place and to hold office for the 
                                              unexpired portion of his term of 
                                              office.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Subject to the provisions of 
                                              this Act where it appears to the 
                                              Prime Minister on the 
                                              recommendation of the Minister 
                                              that any member of the Board is 
                                              unable by reason of absence from 
                                              Ghana or illness or any other 
                                              sufficient cause from performing 
                                              the duties of his office the 
                                              President acting in consultation 
                                              with the Council of State shall 
                                              appoint another person to hold 
                                              office in his place until such 
                                              time as the Prime Minister is 
                                              satisfied that that person is 
                                              again able to perform such duties 
                                              or until the term of such member 
                                              expires, whichever first occurs.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Every member of the Board 
                                              shall, on ceasing to be a member 
                                              be eligible for re-appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Remuneration of Board 
                                              Members.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Any member appointed to the Board 
                                              under subsection (2) (a) of 
                                              section 5 of this Act as well as 
                                              any person co-opted to the Board 
                                              under section 8 of this Act may be 
                                              paid such remuneration (if any) as 
                                              the Board may, with the approval 
                                              of the Minister, and the Minister 
                                              responsible for Finance determine 
                                              in relation to him.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Meetings of the Board.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board shall ordinarily 
                                              meet for the despatch of business 
                                              at such times and at such places 
                                              as the Board may determine but 
                                              shall meet at least once in every 
                                              month.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A special meeting of the Board 
                                              shall be called upon a written 
                                              request signed by the Chairman or 
                                              by a majority of the members of 
                                              the Board addressed to the 
                                              Secretary of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) At every meeting of the Board 
                                              at which he is present, the 
                                              Chairman shall preside and in his 
                                              absence a member of the Board 
                                              appointed by the members present 
                                              from among themselves, shall 
                                              preside.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Questions proposed at a 
                                              meeting of the Board shall be 
                                              determined by a simple majority of 
                                              members present and voting and in 
                                              the event of any equality of votes 
                                              the person presiding shall have a 
                                              second or casting vote.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The quorum at any meeting of 
                                              the Board shall be four, or half 
                                              the number of members of the Board 
                                              whichever is the greater.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The Board may, at any time 
                                              co-opt any person or persons to 
                                              act as an adviser or advisers at 
                                              any of its meetings so, however, 
                                              that no person so co-opted shall 
                                              be entitled to vote at any such 
                                              meetings on any matter for 
                                              decision by the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) The validity of any 
                                              proceedings of the Board shall not 
                                              be affected by any vacancy among 
                                              its members or by any defect in 
                                              the appointment of any of them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) Any member of the Board who 
                                              has any interest in any company or 
                                              undertaking with which the 
                                              Corporation proposes to make any 
                                              contract or who has any interest 
                                              in any contract which the 
                                              Corporation proposes to make 
                                              shall, disclose in writing to the 
                                              Board the nature of his interest 
                                              and shall, unless the Board 
                                              otherwise directs, be disqualified 
                                              from participating in any 
                                              deliberations of the Board on the 
                                              contract and shall in any case be 
                                              disqualified from voting in any 
                                              decision of the Board on such 
                                              contract and any member who 
                                              infringes the provisions of this 
                                              subsection shall be liable to be 
                                              removed from the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (9) The Board shall cause to be 
                                              recorded and kept minutes of all 
                                              proceedings of its meetings in 
                                              such manner and form as the 
                                              Minister may in writing direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;MANAGEMENT AND STAFF OF 
                                              CORPORATION</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Board to be in Control 
                                              of General Policy of Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board shall, subject to 
                                              the provisions of this Act, have 
                                              general control of the management 
                                              of the Corporation on matters of 
                                              policy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation shall have a 
                                              Managing Director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to the provisions of 
                                              Part III of this Act the Managing 
                                              Director shall be appointed by the 
                                              President acting in consultation 
                                              with the Council of State, and 
                                              subject to the said provisions 
                                              shall hold office upon such terms 
                                              and conditions as may be specified 
                                              in his instrument of appointment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where the office of the 
                                              Managing Director becomes vacant 
                                              the Board shall notify the 
                                              Minister thereof and the Minister 
                                              shall in turn notify the Prime 
                                              Minister of the occurrence of the 
                                              vacancy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the Managing Director is 
                                              incapacitated from the performance 
                                              of his functions under this Act 
                                              the Board may, subject to 
                                              subsection (6) of section 6 of 
                                              this Act authorise any senior 
                                              employee of the Corporation to 
                                              perform those functions for the 
                                              duration of the incapacity.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Subject to the provisions of 
                                              this Act, the Managing Director 
                                              shall be the Chief Executive of 
                                              the Corporation and shall, subject 
                                              to the general control of the 
                                              Board on matters of policy, and 
                                              subject in particular to such 
                                              rules as the Board may make in 
                                              that behalf under section 26 of 
                                              this Act, be charged with the 
                                              direction of the day-to-day 
                                              business of the Corporation and of 
                                              its administration and 
                                              organisation and control of all 
                                              the employees of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Subject as aforesaid the 
                                              Managing Director may delegate to 
                                              any employee of the Corporation 
                                              any of his functions under this 
                                              Act and may impose such conditions 
                                              with respect to the exercise of 
                                              such delegated functions as he may 
                                              think fit:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that nothing in this 
                                              subsection shall be construed so 
                                              as to absolve the Managing 
                                              Director from ultimate 
                                              responsibility for any act than by 
                                              any person in pursuance of any 
                                              such delegation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Executions of 
                                              Contracts, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The application of the seal of 
                                              the Corporation shall be 
                                              authenticated by two signatures, 
                                              namely&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the signature of the Managing 
                                              Director or some other member of 
                                              the Board authorised by the Board 
                                              to authenticate the application of 
                                              the seal, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the signature of the Secretary 
                                              or some other officer of the 
                                              Corporation authorised by the 
                                              Board to act in the Secretary's 
                                              place for that purpose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation may by 
                                              instrument in writing under its 
                                              common seal empower any person 
                                              either generally or in respect of 
                                              any specified matters as its 
                                              attorney, to execute deeds on its 
                                              behalf in any place not situated 
                                              in Ghana; and every deed signed by 
                                              such attorney on behalf of the 
                                              Corporation and under his seal, 
                                              shall be binding on the 
                                              Corporation and have the same 
                                              effect as if it were under the 
                                              common seal of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Any instrument or contract 
                                              which, if executed or entered into 
                                              by a person other than a body 
                                              corporate, would not require to be 
                                              under seal, may be executed or 
                                              entered into on behalf of the 
                                              Corporation by the Managing 
                                              Director or any member of the 
                                              Board if such person has 
                                              previously been authorised by 
                                              resolution of the Board to execute 
                                              or enter into that particular 
                                              instrument or contract:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that if the Corporation 
                                              thinks fit it may by writing under 
                                              its common seal appoint any person 
                                              outside Ghana as agent to execute 
                                              or enter into the instrument or 
                                              contract and the instrument or 
                                              contract if executed or entered 
                                              into on behalf of the Corporation 
                                              shall have effect as if it had 
                                              been duly executed or entered into 
                                              as prescribed for the purposes of 
                                              this subsection.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Every document purporting to 
                                              be an instrument executed or 
                                              issued by or on behalf of the 
                                              Corporation and to be:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) sealed with the common seal of 
                                              the Corporation authenticated in 
                                              the manner provided by subsection 
                                              (1) of this section; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) signed by and under the seal 
                                              of a person appointed as attorney 
                                              under subsection (2) of this 
                                              section, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) signed by the Managing 
                                              Director or by a member of the 
                                              Board or other person authorised 
                                              in accordance with subsection (3) 
                                              of this section to act for that 
                                              purpose,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              shall be deemed to be so executed 
                                              or issued until the contrary is 
                                              shown.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The provisions of this section 
                                              shall have effect subject to the 
                                              provisions of section 9 of this 
                                              Act and of section 12 of the 
                                              Contracts Act, 1960 (Act 25).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;Staff of Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation may from time 
                                              to time engage such employees as 
                                              may be necessary for the proper 
                                              and efficient conduct of the 
                                              business and functions of the 
                                              Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation may also 
                                              engage the services of such 
                                              consultants and advisers as the 
                                              Board may upon the recommendation 
                                              of the Managing Director 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; Subject to any delegation 
                                              effected under clause (2) of 
                                              article 140 of the Constitution 
                                              and subject also to the other 
                                              provisions of the Constitution the 
                                              employees of the Corporation, 
                                              other than the Managing Director, 
                                              shall be appointed by the 
                                              President acting in accordance 
                                              with the advice of the Public 
                                              Services Commission.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Subject to the provisions of 
                                              the Constitution the employees, 
                                              consultants and advisers of the 
                                              Corporation shall be engaged on 
                                              such terms and conditions as the 
                                              Board may on the recommendations 
                                              of the Managing Director 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Public Officers may be 
                                              transferred or seconded to the 
                                              Corporation or may otherwise give 
                                              assistance thereto.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Secretary of 
                                              Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have an 
                                              officer to be designated as the 
                                              Secretary of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Secretary shall act as 
                                              Secretary to the Board and shall, 
                                              subject to the directions of the 
                                              Board, arrange the business for 
                                              and be responsible for the 
                                              recording and keeping of minutes 
                                              of proceedings of the meetings of 
                                              the Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Secretary shall as soon as 
                                              practicable after each meeting of 
                                              the Board forward to the Minister 
                                              a copy of the minutes of that 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Secretary shall also 
                                              perform such functions as the 
                                              Board may by writing direct or as 
                                              the Managing Director may by 
                                              writing delegate to him and shall 
                                              be assisted in his functions by 
                                              such of the staff of the 
                                              Corporation as the Board may on 
                                              the recommendations of the 
                                              Managing Director direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Internal Auditor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have an 
                                              Internal Auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to the provisions of 
                                              this Act, the Internal Auditor 
                                              shall be responsible to the 
                                              Managing Director for the 
                                              performance of his functions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; As part of his functions 
                                              under this Act the Internal 
                                              Auditor shall, at intervals of 
                                              three months, prepare a report on 
                                              the Internal Audit work carried 
                                              out by him during the period of 
                                              three months immediately preceding 
                                              the preparation of the report, and 
                                              submit the report to the Managing 
                                              Director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Without prejudice to the 
                                              general effect of subsection (3) 
                                              of this section, the Internal 
                                              Auditor shall make in each report 
                                              such observations as appear to him 
                                              necessary as to the conduct of the 
                                              financial affairs of the 
                                              Corporation during the period to 
                                              which the report relates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Internal Auditor shall 
                                              send a copy of each report 
                                              prepared by him under this section 
                                              to the Minister and also to each 
                                              of the following:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              the Minister responsible for 
                                              Finance,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              the Auditor-General, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              the Chairman of the Board of 
                                              Directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;FINANCIAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Capital and Funds of 
                                              Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Government may provide to the 
                                              Corporation as working capital and 
                                              also as moneys required for 
                                              carrying out the functions of the 
                                              Corporation such sums as the 
                                              Minister may after consultation 
                                              with the Cabinet agree, being sums 
                                              requested by the Board from the 
                                              Government.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Estimates of Revenue 
                                              and Expenditure.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board shall not less than one 
                                              month before the commencement of 
                                              each financial year cause to be 
                                              prepared in such form as the 
                                              Minister may direct estimates of 
                                              revenue and expenditure for that 
                                              financial year and shall as soon 
                                              as possible after they are 
                                              prepared submit a copy of the 
                                              estimates to the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Staff Welfare Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1)&nbsp; The Corporation shall have a 
                                              staff welfare fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year, the Corporation shall 
                                              transfer to the staff welfare fund 
                                              such sum, not exceeding 5 per cent 
                                              of the net profits of the 
                                              Corporation as the Board may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Corporation may, with the 
                                              approval of the Minister, use the 
                                              staff welfare fund for the 
                                              provision of staff welfare 
                                              facilities such as canteens, low 
                                              interest bearing staff welfare 
                                              loans and for other purposes aimed 
                                              at enhancing the welfare of the 
                                              staff of the Corporation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The operation of the staff 
                                              welfare fund shall be subject to 
                                              such specific rules and 
                                              regulations as may&nbsp; be made by the 
                                              Board.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Depreciation Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall have a 
                                              depreciation fund and for that 
                                              purpose the Corporation shall open 
                                              a Depreciation Reserve Account 
                                              with the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At the end of each financial 
                                              year, the Corporation shall 
                                              transfer to the credit of the 
                                              Depreciation Reserve Account all 
                                              amounts charged to profit and loss 
                                              account in respect of depreciation 
                                              for buildings, plant and 
                                              equipment, fixtures and other 
                                              fixed assets.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Amounts so transferred to the 
                                              Depreciation Reserve Account shall 
                                              be utilised only to replace fixed 
                                              assets and equipment which are 
                                              worn out or have become obsolete.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4)&nbsp; Expenditure in respect of 
                                              current repairs and in respect of 
                                              purchases of spare parts shall not 
                                              be met out of the Depreciation 
                                              Reserve Account but shall be 
                                              charged to the income and 
                                              expenditure account of the 
                                              Corporation for the financial year 
                                              during which the expenditure is 
                                              incurred.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Corporation to Pay Sums 
                                              into Consolidated Fund.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Subject to section 4 of this Act 
                                              at the end of each financial year, 
                                              after the Corporation has made 
                                              provision for bad and doubtful 
                                              debts, depreciation of assets, 
                                              contributions to staff and 
                                              superannuation funds and for other 
                                              contingencies, if any, and after 
                                              appropriation has been made to the 
                                              staff welfare fund under section 
                                              16 of this Act such part of the 
                                              profits of the Corporation 
                                              remaining as the Minister after 
                                              consultation with the Board and 
                                              with the Minister responsible for 
                                              Finance may by writing direct 
                                              shall be paid into the 
                                              Consolidated Fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Borrowing Powers.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation may obtain 
                                              loans and other credit facilities, 
                                              on the guarantee of the Government 
                                              from the National Investment Bank 
                                              or from such other Bank as the 
                                              Minister and the Minister for 
                                              Finance may approve.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; Apart from the powers of the 
                                              Corporation under subsection (1) 
                                              of this section, the Corporation 
                                              may, with the prior approval of 
                                              the Minister and the Minister 
                                              responsible for Finance borrow 
                                              money from any other source.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; For the purpose of any 
                                              technical arrangements in 
                                              connection with the raising of any 
                                              loan under subsection (2) of this 
                                              section the Corporation shall, if 
                                              the National Investment Bank 
                                              agrees, use the services of that 
                                              Bank. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Corporation may borrow 
                                              temporarily by way of overdraft or 
                                              otherwise, such sums as it may 
                                              require for meeting its current 
                                              obligations or discharging its 
                                              functions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Minister responsible for 
                                              Finance may on behalf of the 
                                              Government, guarantee the 
                                              performance of any obligation or 
                                              undertaking by the Corporation 
                                              under this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The Minister responsible for 
                                              Finance may from time to time 
                                              prescribe the maximum sums which 
                                              the Corporation may borrow under 
                                              subsection (1) or (2) of this 
                                              section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Corporation to keep 
                                              Proper Books of Account.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Corporation shall keep proper 
                                              books of account and proper 
                                              records in relation thereto and 
                                              the account books and records of 
                                              the Corporation shall be in such 
                                              form as the Auditor-General may 
                                              approve.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Financial Year of 
                                              Corporation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1)&nbsp; The Corporation's financial 
                                              year shall end on the 31st day of 
                                              March in each year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; For the purposes of this 
                                              section the period extending from 
                                              the commencement of this Act to 
                                              the 31st day of March, 1972 shall 
                                              be deemed to be a financial 
                                              year.&nbsp;&nbsp;&nbsp;&nbsp; </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Audit.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The books and accounts of the 
                                              Corporation shall each year be 
                                              audited in accordance with article 
                                              135 of the Constitution by the 
                                              Auditor-General.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Corporation shall pay in 
                                              respect of such audit such fee (if 
                                              any) as the Auditor-General and 
                                              the Board may agree or in the case 
                                              of failure to agree, such fee as 
                                              the Minister may prescribe.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) It shall be the duty of the 
                                              Board as soon as possible upon 
                                              receiving the report of the 
                                              Auditor-General under this section 
                                              to forward a copy of such report 
                                              to the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Minister shall as soon as 
                                              practicable upon receipt thereof, 
                                              cause to be laid before the 
                                              National Assembly a copy of the 
                                              Auditor-General's report forwarded 
                                              to him under this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;MISCELLANEOUS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Annual Report, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Corporation shall, as soon 
                                              as possible after the expiration 
                                              of each financial year but within 
                                              six months after the termination 
                                              of that financial year, submit to 
                                              the Minister an annual report 
                                              dealing generally with the 
                                              activities and operations of the 
                                              Corporation within that year which 
                                              shall, without prejudice to the 
                                              generality of the foregoing 
                                              include&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a copy of the audited accounts 
                                              of the Corporation together with 
                                              the Auditor-General's report 
                                              thereon,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) each report submitted in 
                                              relation to that financial year by 
                                              the Internal Auditor under section 
                                              13 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a statement of all directions 
                                              given by the Minister to the 
                                              Corporation under section 25 of 
                                              this Act within that year,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) such other information as the 
                                              Minister may by writing request.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A copy of the annual report of 
                                              the Corporation shall also be sent 
                                              by the Corporation to the 
                                              following:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              the Minister responsible for 
                                              Finance, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              the Head of the Central Bureau of 
                                              Statistics.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Minister shall, as soon as 
                                              possible after receiving the 
                                              annual report of the Corporation, 
                                              cause the report to be laid before 
                                              the National Assembly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Corporation shall also 
                                              submit to the Minister such other 
                                              reports on its financial affairs 
                                              as the Minister may by writing 
                                              request from time to time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Quarterly Reports.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Board shall cause to be 
                                              submitted to the Minister as soon 
                                              as possible after the months of 
                                              June, September, December and 
                                              March in each year a statement 
                                              showing the revenue and 
                                              expenditure of the Corporation and 
                                              fluctuations in the number of 
                                              persons in employment of the 
                                              Corporation during the three 
                                              months immediately preceding and 
                                              the revenue and expenditure for 
                                              the corresponding period in the 
                                              year immediately preceding. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Minister's Power of 
                                              Direction.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Subject to the provisions of 
                                              section 4 of this Act (which 
                                              requires the Corporation to 
                                              operate on sound commercial 
                                              lines), the Minister may give 
                                              general directions in writing to 
                                              the Corporation on matters of 
                                              policy and the Corporation shall 
                                              be bound to comply with such 
                                              directions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Bye-laws or other 
                                              Instruments.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Board may make bye-laws or 
                                              other instruments for the purpose 
                                              of carrying into effect the 
                                              provisions and principles of this 
                                              Act and for regulating any matter 
                                              falling within the scope of the 
                                              functions of the Corporation or 
                                              which is required or authorised by 
                                              this Act to be provided for by any 
                                              such instruments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Without prejudice to the 
                                              general effect of subsection (1) 
                                              of this section, the Board may, 
                                              subject to the provisions of the 
                                              Constitution and also to the 
                                              provisions of the Social Security 
                                              Act, 1965 (Act 279) make bye-laws 
                                              or other instruments under that 
                                              subsection for providing the 
                                              conditions of service of the staff 
                                              of the Corporation including, if 
                                              the Board thinks fit, the 
                                              operation of a contributory 
                                              provident fund.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Exemption from Taxes, 
                                              Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Corporation shall be exempted 
                                              from such taxes and duties as the 
                                              Minister responsible for Finance 
                                              may, by writing direct.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Interpretation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act, &quot;Minister&quot; means the 
                                              Minister responsible for 
                                              Information.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;Dissolution of New 
                                              Times Limited.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Company known immediately 
                                              before the commencement of this 
                                              Act as the New Times Limited is 
                                              hereby dissolved.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) All assets, property, rights, 
                                              liabilities and obligations of the 
                                              said company are hereby 
                                              transferred to the Corporation 
                                              established by this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The National Newspapers 
                                              (Guinea Press Limited) (Interim 
                                              Reconstitution) Decree, 1968 (N.L.C.D. 
                                              230) is hereby repealed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></td>
                </tr>
              </tbody>
            </table>