Article 23: The Corporation shall have an annual proposed budget, which shall be approved by the Cabinet, and prepared in the format of com- mercial budgets. The financial year shall begin on the first of January and end at the end of December of each year provided that the first financial year shall include the period from the date this Law comes into effect until 31 December of the following year. Article 24: The Board of Directors must prepare, for each financial year, and at a date not later than six months after the date of its expiry, the audited balanced sheet and profit and loss accounts. It shall also prepare a re- port regarding the Corporation’s activity and financial position during the financial year. Article 25: Subject to the provisions of Law No. 4 of 1995 with respect to the Audit Bureau, the Corporation may have one or more auditors, who are chartered accountants, who shall be appointed and whose annual remu- neration shall be determined by the Board of Directors. Article 26: The auditor shall, at times, has the right to access all the books, re- cords and documents of the Corporation, and to request the details that he deems necessary to discharge his duty properly. He may also ascertain the Corporation’s assets and liabilities. In the event of the auditor’s not being allowed to exercise those rights, he shall submit a report to the Board of Directors. Article 27: The auditor shall submit his annual report to the Board of Direc- tors. He shall also provide a copy of it to the Audit Bureau.
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