THE CYPRUS TOURISM ORGANIZATION (ADMINISTRATIVE AND FINANCIAL) REGULATIONS, 1970 TO 1997

Transcription

1 1.2 REPUBLIC OF CYPRUS P.I. 830/70 P.I. 64/85 P.I. 288/94 P.I. 41/95 P.I. 175/97. THE CYPRUS TOURISM ORGANIZATION (ADMINISTRATIVE AND FINANCIAL) REGULATIONS, 1970 TO 1997 (English translation and consolidation) Office of the Law Commissioner Nicosia, December, 2005 Provisionally released by the Office of the Law Commissioner ΓΕΝ (Α) P.I.... NICOSIA

2 2 THE CYPRUS TOURISM ORGANIZATION (ADMINISTRATIVE AND FINANCIAL) REGULATIONS 1970 TO 1997 ARRANGEMENT OF SECTIONS PART I.- INTRODUCTORY PROVISIONS Section 1. Short title 2. Interpretation PART II. ADMINISTRATIVE AND FINANCIAL PROVISIONS A General Provisions 3. Powers of the Board of Directors to decide upon matters relating to tenders 4. Agreements 5. Tenders 6. Procedure for the allocation of tenders 7. Preparation of terms and specifications 8. Submission of guarantees for participation in a tender 9. Tender Box 10. Opening of tenders 11. Allocation of tenders 12. Forfeiture of right to submit tenders to the Organization 13. Leases, licences to use property of the Organization 14. Leases of immovable property of the Organization for the erection of tourist projects, installations or buildings

3 3 B Special Provisions 15. Budget 16. Account and balance sheet 17. Accounting system 18. Certification and collection of income 19. Order and payment of expenses 20. Cashier operation 21. Administration of items 22. Immovable Property Book 23. Responsibility of accountant and Store-Keeper 24. Preventive Control 25. Ministerial Control

4 4 THE CYPRUS TOURISM ORGANIZATION LAW, 1969 (54 of 1969) Regulations made under sections 11(3), 17 and of of of of of of of (I) of (I) of (I) of (I) of Short title Interpretation. Cap In exercise of the powers vested in it by subsection (3) of section 11, and sections 17 and 21 of the Cyprus Tourism Organization Law, 1969 to 2005, the Council of Ministers hereby makes the following Regulations: PART I. -INTRODUCTORY PROVISIONS 1. These Regulations may be cited as the Cyprus Tourism Organization (Administrative and Financial) Regulations, 1970 to In these Regulations unless the context otherwise requires- «banking institution» means a bank with a licence to operate within the Republic in accordance with the provisions of the Banking Business (Temporary Restrictions) Law; «Board of Directors» means the Board of Directors of the Organization; «Budget» means the Budget of the Organization provided for in section 15 of the Law; «Chairman» means the Chairman of the Board of Directors; «Director-General» means the Director-General of the Organization; «District Offices» means the district Offices of the Organization, established in any place outside the town where the headquarters of the Organization are situated, this term including, the Information Offices of such town; «Head Office» means the Head Office of the Organization, situated in the town where the headquarters of the Organization are situated, but this term does not include the Information Offices of the Organization in the said area which shall come under the District Offices; 54 of «Law» means the Cyprus Tourism Organization Law, 1969, or any other law amending or substituted for the same; «Minister» means the Minister of Commerce and Industry; «Officer-in-charge» means the responsible Officer of a department and in default or in the absence thereof the Director-General; «Organization» means the Cyprus Tourism Organization;

5 «Republic» means the Republic of Cyprus; 5 «Services» mean the services of the Organization consisting of the Head Office and the District Offices. PART II ADMINISTRATIVE AND FINANCIAL PROVISIONS A General Provisions Powers of the Board of Directors to decide upon matters relating to tenders (1) The Board of Directors shall have the power to decide upon any matter in relation to tenders. (2) The Board of Directors may, by its decision, delegate the powers vested in it under paragraph (1) to a Committee of Tenders of seven up to nine members which shall consist of members of the Board of Directors and where the Director-General or other Senior Officers of the Organization may participate. In case of necessity and following a decision of the Board of Directors, other persons having speciality or experience may participate as advisors in the said Committee. (3) The members of the Board of Directors or of the Committee of Tenders shall sign a statement that they shall exercise their duties without fear or favour and that they shall exercise complete discretion. In case where the members of the Board of Directors or the Committee of Tenders have an interest, direct or indirect, financial or other, regarding the tender under discussion, they shall reveal this fact to the Board of Directors or the Committee of Tenders and shall withdraw from the meeting. (4) At the meetings of the Committee of Tenders the auditors or their representatives appointed in accordance with section 18 of the Law, may attend as independent observers. (5) At the meetings of the Board of Directors or the Committee of Tenders minutes shall be kept which shall be recorded in a minute-book and shall be signed by the members of the Board of Directors or the Committee of Tenders present at the time and shall be communicated to all the members of the Board of Directors or the Committee of Tenders. The verification of the minutes shall be made at a following meeting of the Board of Directors or the Committee of Tenders. Agreements. 4.- (1) Every agreement entailing expenditure beyond or the amendment of the said agreement shall be made in writing following a relevant decision of the Board of Directors or the Committee of Tenders: Provided that, in any urgent case of amendment of the agreement which entails expenditure of not higher 5% of the expenditure originally approved, this amendment may be approved by the Director-General, if the said expenditure does not exceed 1.500: Provided further that, in any urgent case of amendment of the agreement, which entails expenditure of not higher than 5% of the expenditure originally approved, this amendment may be approved by the Director-General and be ratified later by the Board of Directors or the Tender Committee, if the said expenditure exceeds the but not the

6 6 (2) Every agreement which entails expenditure beyond and up to 5000 or the amendment of the said agreement shall be made in writing after a relevant decision of the Departmental Committee, which shall consist of the Director-General, the Chief Accountant and one Higher Official of the Organization, who shall be appointed by the Board of Directors. Tenders (1) All the purchases, sales, executions of works, printing and the securing of services shall be made with the invitation to tenders, apart from the following cases: (a) When the expenditure involved does not exceed the sum of 3.000: Provided that (i) in cases of monthly purchases of the same object or similar objects or execution of works or printing or securing of services which may be needed for a period beyond one month and there is the possibility of exceeding the above sum the procedure of invitation to tenders shall be followed, (ii) in cases of purchases of the same objects or similar objects or execution of works or printing or securing of services which involve an expenditure up to for which no procedure of invitation to tenders was followed, which may be needed within twelve months from the date of the first purchase or the execution of works or the printing or the securing of services and for which the total expenditure is calculated to exceed the sum of 3.000, the procedure of invitation to tenders shall be followed for a second and more times. (b) when an emergency or special reasons of tourist nature and or tourist importance do not allow the delay which will occur, if the procedure of invitation to tenders is followed, (c) when it concerns work of intellectual context the securing of which is more certain by direct selection, (d) when the Organization does business with the public, with another organization or body corporate or public utility service or authority or person who has privilege of technical application, trade or production, (e) when the tender was announced twice and proved to be unprofitable or fruitless or if the Board of Directors or the Committee of Tenders has reason to believe that the tenders which were submitted are a result of collusion or irrational, (f) when the prices of the purchases or the securing of services do not differ from supplier to supplier or if it is known that there is one supplier only, (g) when it concerns a repeat of purchase or the issue or the printing or the securing of services or sale made within six months from the initial date of allocation of the tender, unless there was change of circumstances which justify the invitation to tenders. (2) (a) In cases of purchases or execution of works or printing or the securing of services which involve expenditures beyond and up to 3.000, following the preparation of detailed terms and specifications, written tenders of prices shall be requested from at least three possible tenderers, where it is possible, apart from the cases where it is known that only one supplier exists,

7 7 (b) in cases of sales where the cost of every commodity fluctuates from 500 up to written tenders shall be requested from at least three interested tenderers, where this shall be possible. In the above cases the Director-General shall decide where the tender shall be allocated in accordance with the terms and specifications of the tender. (3) For products which are manufactured/ processed in Cyprus, protection shall be available, provided the tenderer shall prove that with the submission of a statement from a licenced Accounting/Auditing Firm that the cost of the local materials, labour and other expenses which contributed to the manufacture/processing of the product shall be equal to at least 25% of the cost of the final product. The application of the protection shall be made with the addition on the duty free prices of the imported goods of a percentage of 20%. (4) Every decision taken by the Board of Directors or the Committee of Tenders for the purposes of this Regulation or for the non-allocation of the tender to the lowest tenderer must be fully justified. (5) The tenders must be submitted in two copies, in a closed envelope, where the type of every tender shall be written. (6) The tenders which aim at the shaping of an opinion by the Organization of the most favourable terms for it, shall not commit the Organization to the tenderers with lowest tenders or create for them any rights. The Organization has the absolute right, following the study of the tenders and according to its judgment not to accept the lowest or any other tender or maintain the absolute right to postpone the allocation of any tender or request new tenders or to decide another way for the supply of goods or the securing of services. (7) The reservations and the rights referred to in paragraph (6) must be referred concisely in every invitation to tenders. Procedure for the allocation of tenders. 6.-(1) The invitation to tenders shall be made upon the publication in at least two local newspapers which shall be set in rotation. The announcement of the invitation to tenders shall be brief and clear and shall give the following minimum information: (a) Serial Number of tender, (b) a short description of the goods, services or works for which tenders are requested, (c) the address to which the tenders must be sent or submitted, (d) the last date and hour of submission of tenders, (e) inform the interested tenderers that they can submit suggestions, comments and observations in relation to the specifications and terms of the tenders, at the above address, at least ten days prior to the last date of submission of the tenders. (2) Adequate time shall be given to the tenderers in order to take part in the tenders proclaimed. The minimum time limit from the date of publication of the tenders in the local press up to the date of their submission shall be twenty days. In case of international tenders or where a sample of submission is requested the minimum time period shall be thirty days:

8 8 Provided that, the Board of Directors or the Committee of Tenders may approve a lesser time period, if special reasons or circumstances compel such reduction. (3) In exceptional cases, tenders may be requested from a limited number of persons in the Republic which shall be fixed upon a special fully reasoned decision of the Board of Directors or the Committee of Tenders. Preparation of terms and specifications. 7.-(1) For every tender where expenditure beyond is involved detailed terms and specifications shall be prepared which shall be available for possible tenderers. The terms and the specifications must be prepared in a way where a wide participation is secured, without ignoring the quality of works which shall be executed or the items /goods which shall be bought or the services which shall be secured. (2) The terms and specifications for the purchase of goods, the execution of works or the securing of services and all the necessary accompanying documents must be ready before the publication of tenders in the local press or before the invitation to tender. (3) Apart from the preparation of the terms and the specifications referred to in paragraph (1), a valuation of cost shall be prepared of the goods, services or works of the tender. For construction works the valuation must be based in detailed bills of quantities. The said valuations and bills of quantities must be ready before the invitation to every tender. (4) Copies of terms and specifications, costing and bills of quantity for the tenders beyond amounts of shall be submitted to the Auditors appointed in accordance with section 18 of the Law. Submission of guarantees for participation in a tender. 8. -(1) All tenders for which a procedure of an invitation to tender is followed through the local press or those requested from a limited number of persons in the Republic, as set out in paragraphs (1) and (3) of Regulation 6, except those which aim at the securing of services of consultants shall necessarily be accompanied with a performance guarantee, which may be either a personal bank cheque or a bank guarantee from a banking institution, in accordance with the valuation of cost as below: (a) When the valuation of cost is up to , a guarantee equal to 10% of the value of tender, (b) when the valuation of cost is and above, a guarantee equal to 5% of the value of tender with a minimum sum of , (c) in special cases, where it is deemed expedient, there shall be requested the submission of a performance guarantee for a fixed sum, which shall be determined in the terms of the tender: Provided that, in cases of invitation to international tenders, where it is expected that international and other organizations from abroad shall take part, the tenders shall be accompanied by a bank guarantee from a banking institution: Provided further that, in special cases of invitation to tenders, by a specific decision of the Board of Directors or the Committee of Tenders, the provision for compelling the tenderers to submit performance guarantee may not be included in the terms of the tender.

9 9 (2) The performance guarantee in a tender referred to in paragraph (1) aims at the commitment of the tenderer for the absolute execution of the terms of the tender with the price of his tender and the obligations which he may undertake. Tender Box. 9.-(1) At the main Offices of the Organization a tender box shall be placed with two different locks, where tenders are placed. The two keys shall be kept by two higher Officials of the Organization, members of the Committee of Tenders. (2) Tenders which are sent by mail or by hand to the Director-General shall be placed closed in the tender box, after the date and the time of receipt of the tender is written on the envelope. Tenders with a future expiry date shall necessarily remain in the tender box. The Director-General shall be responsible to safeguard, in a safe place, the tenders, which owing to their volume shall not be possible to be placed in the tender box. Opening of tenders. 10. The tender box shall be opened on the last date and time of submission of the tenders by the two Higher Officials of the Organization, as set out in Regulation 9(1), in the presence of one member of the Board of Directors who is a member of the Committee of Tenders or of the Director-General. Following this the tenders shall be opened before the Board of Directors or the Committee of Tenders, shall be numbered and initialed by at least three members present of the Board of Directors or of the Committee of Tenders: Provided that, in cases where the total cost of the tender is estimated not to exceed , the tenders may be opened by at least three members of the Committee of Tenders one of whom must be a member of the Board of Directors, shall be numbered, initialed by the three members present and shall be sent to the department of the Organization for evaluation. The report of the department together with a reference in the minutes signed by the above three members of the Committee of Tenders for the opening of the said tenders shall be submitted to the Board of Directors or the Committee of Tenders. Allocation of tenders. 11.-(1) After the allocation of the tender, the successful tenderer shall be called to (a) sign the agreement, (b) proceed with the execution of his obligations in relation to the tender which was allocated to him in accordance with the terms and the specifications and or the terms of the allocation of the tender, (c) submit a bank guarantee from a banking institution equal to 10% of the cost of the tender, which was allocated to him for the due execution of the terms of the agreement which he will sign and within the time limit fixed in the terms and the specifications of the tender. The said bank guarantee shall be in force after the allocation of the tender for a period which is set in the terms and the specifications: Provided that, in special circumstances of invitation to tenders, the successful tenderer may not be called to submit a bank guarantee, if by special decision of the Board of Directors or the Committee of Tenders, provision was not included in the terms and the specifications for the submission of such guarantee. (2) In cases where the Organization, subject to the terms of tender shall pay any sum as an advance with the placing of an order or the allocation of work or the commencement of work, the successful tenderer shall be also called to submit equal amount and additional bank guarantee from a banking institution apart from the one referred to in paragraph (1)(c).

10 10 (3) The successful tenderer as well as the non successful tenderers shall be simultaneously informed of the result of their tender. (4) The participation guarantees regarding the non successful tenderers, referred to in paragraph (1) of Regulation 8, shall be returned after the allocation of the tender, and regarding the successful tenderers shall be returned after the signature of the agreements and provided they shall offer the guarantee referred to in paragraph (1)(c) for the due execution of the terms of the agreement. (5) The performance guarantee in a tender, referred to in paragraph(1) of Regulation 8, shall be forfeited in the following cases: (a) If the tenderer withdraws the tender whilst the tender is in force, (b) if the successful tenderer- (i) refuses to sign the agreement, or (ii) omits to submit the guarantee referred to in paragraph 1(c) for the due execution of the terms of the agreement. (6) The guarantee or the guarantees of the successful tenderer referred to in paragraphs (1)(c) and (2) shall be returned as set out in the terms and the specifications of the tender at the time. Forfeiture of right to submit tenders to the Organization. 12.-(1) In cases where suppliers, contractors or tenderers withdraw their tender during its validity or in cases of inability of the suppliers, contractors or tenderers to undertake their obligations which derive from accepted tenders or to respond satisfactorily to their contractual obligations, the Board of Directors or the Committee of Tenders may deprive them of the right of their participation for tenders of the Organization either permanently or for a specific period: Provided that, the Organization shall notify the interested supplier, contractor or tenderer by letter and shall call him to justify his position in writing within a fixed time period. The written answer of the supplier, contractor or tenderer, together with the report of the department of the Organization, shall be submitted to the Board of Directors or the Committee of Tenders. In case of no response from the interested supplier, contractor or tenderer within the time limits set in the letter of the Organization, then the department of the Organization shall submit a relevant report to the Board of Directors or the Committee of Tenders. (2) For the purposes of paragraph (1), every decision taken by the Board of Directors or the Committee of Tenders must be well reasoned. (3) The Organization shall keep a record of the excluded suppliers, contractors or tenderers, which shall be forwarded to all the members of the Board of Directors and the Committee of Tenders. Leases, licences to use property of the Organization. 13. (1) Any grant of a right of usage or the granting of a licence or usage to any person of movable or immovable property of the Organization or movable or immovable property situated under the administration of the Organization, shall be made by lease or granting of a licence of usage in accordance with the procedure of invitation to tenders.

11 11 (2) In cases where there are special reasons or circumstances, the granting of a right of usage or the granting of a licence usage may be made by a nominal rent /right of a licence and or with the submission by the Organization of compensation to the lessee/licensee. (3) Every decision taken by the Board of Directors or the Committee of Tenders for the non allocation of the tender to the highest tenderer shall be completely reasoned. (4) The terms of the lease or the granting of a licence of usage shall be set by the Board of Directors or the Committee of Tenders. (5) Every decision taken by the Board of Directors or the Committee of Tenders for the purposes of paragraph (1) which involves an annual lease or licence beyond the sum of and for the purposes of paragraph (2) shall be subject to the approval of the Minister. Leases of immovable property of the Organization for the erection of tourist projects, installations or buildings. 14.-(1) Any immovable property of the Organization or any immovable property under the administration of the Organization, may be leased to any person for the erection of tourist projects, tourist installations or tourist buildings or improvement and or the extension of such existing tourist projects, tourist installations, or tourist buildings. (2) The lease shall be made in accordance with the procedure of invitation to tenders or, in special cases completely justified, with private negotiations with persons selected by the Board of Directors. (3) The terms of the lease shall be prescribed by the Board of Directors. (4) Every decision taken by the Board of Directors for the purposes of paragraphs (1) and (2) shall be subject to the approval of the Minister. B' Special Provisions Budget. 15.-(1) The income and expenditure of the Organization shall be prescribed in the Budget. (2) The Budget shall be drawn up prior to the commencement of the expenditure referred therein and shall include projected income and expenses for the financial year the period and expenditure of which corresponds to the Budget of the Organization. (3) In the Budget projected income and expenditure of the Organization as well as all necessary reserves shall analytically be set out by category in chapters and sections. (4) The Budget shall be accompanied by a detailed analysis as well as a reasoned report of every stated income and expenditure. (5) The Budget shall be executed, following its approval, by the Board of Directors and the Minister. (6) During the financial year it shall be allowed by a decision of the Board of Directors with the approval of the Minister, to transfer credits from other sections or from chapters/sections of income due to anticipated increase in income, reported in the Budget, or from its reserves in support of other sections of which the credits were proved or are anticipated to be proved to be inadequate. Likewise new sections may be created with the

12 12 requested credits necessary for the purchase of supplies for the execution of works or the securing of services, which are not provided for in the Budget. Account and balance sheet (1) At the end of the financial expenditure and not later than four months, an account shall be prepared of the income and expenditure of the financial year in question as well as a balance sheet referring to the said period as well as a report on the transactions of the said year. (2) The income and expenditure account shall include on the one part the income confirmed and collected, and the rest for collection of same, and on the other part the expenditure made, paid or committed. (3) The balance sheet shall include the fixed assets and liabilities of the Organization. (4) The account of the income and expenditure and the balance sheet after their approval by the Board of Directors, shall be submitted to the Minister. (5) Uncollected income until the expiration of the economic use of the financial year shall be referred to as «collected income», and the unpaid expenditure shall be referred to as «paid expenditure»: Provided that, if with the closing of the accounts any income or expenditure which for any reason have not been included in the budget of the said financial year, such shall be credited or debited, as the case may be, in the budget of the following year or the financial year in which proof of such figures appear. Accounting system. 17. (1) The double entry system shall be considered as the accounting system of the Organization. The book-keeping entries shall be made in accord with the collection receipts, the payment vouchers and the amending payment orders. (2) (a) The Journal, the Cash Book, the General Ledger and the Inwards and Outwards Book shall be considered as compulsory account books. (b) Apart from the above books, there shall be kept by the accounting department auxiliary books depending on the needs of the department. (c) The Journal, the Cash Book and the Inwards and Outwards Book shall be numbered. Certification and collection of income. 18.-(1) (a) The certification of the income of the Organization shall be made on the basis of established titles prepared by the appropriate departments following the gathering and inspection of material, which constitute and prove the demands of the Organization. (b) The titles certifying income shall be prepared in time and before they are recalled upon to be paid as stated therein. (c) The titles of certification of income shall be made known to the debtors, who shall be requested to pay their dues directly when these shall become payable or within the fixed reasonable deadline.

13 13 Order and payment of expenses. (2) For every receipt a collection receipt shall be issued. (3) The collection of the income of the Organization may be made either through a bank or directly through the Cashier s office of the Organization or through collectors appointed by the Director-General. 19.-(1) The payment of any kind of expenses of the Organization shall be made through the issue of an order of payment in the name of or for the benefit of the beneficiary. (2) (a) For every order of payment there shall be written (i) the use for which it is issued; (ii) the exact name and surname of the beneficiary and his residential or professional address; (iii) the date of issue; (iv) the Chapter and the Section of the Budget on which it is issued; (v) the payable sum in writing and arithmetically; (vi) the withholding of sums for third parties, provided such exist; (vii) the cause of payment; and (viii) the relevant order of payment in which the supporting documents attached are written analytically. (b) The order shall be numbered and signed by the authorized person appointed by the Board of Directors. (c) The payment of more than one beneficiary, by one and the same order, shall be permitted, provided that it concerns expenditure of the same nature. Cashier operation. Official Gazette Administration of items. Official Gazette (3) Every payment by the Organization in cash shall be verified by the beneficiary. 20.-(1) Daily collections and payments shall be recorded in the Cash Book. Numbers and dates of the relevant collection receipts and payment vouchers, which comprise the titles of debits and credits of the Cashier during its administration, shall be recorded in the relevant columns of the Book. (2) The auditing of the Cash Book for the ascertainment of its agreement regarding the balance of the entries in the credit-debit Book, deposits in the bank of moneys beyond a certain limit, withdrawals of same and every other detail referring to the operation of the cashier s service shall be prescribed by decisions of the Board of Directors and approved by the Minister. 21.-(1) A central warehouse with materials and its management records shall operate in the Organization. (2)(a) Every record, which in any way comes in the possession or falls under the management of the Organization, shall be entered in the central warehouse archives and shall be recorded in the Inwards and Outwards Book. The entry shall be effected in accordance with the kind, quality and the distinctive works of materials:

14 14 Provided that, the furniture, equipment, appliances and generally the non consumable items under the ownership of the Organization shall be recorded in special registers. (b) The said Book may be replaced by the loose-leaf cards system. (c) A justifiable entry in the archive shall be the supply or alternatively the acquisition of a material and its delivery thereto. (d) (Repealed). (3) The withdrawal of material shall take place following an order by the appropriate authority for the use thereof. This order shall be good reason for its withdrawal. (4) (a) When entries and withdrawals are effected, these shall be recorded in chronological order in the Inwards and Outwards Book. This also applies in the case of withdrawals of materials for temporary use, which are thereafter returned to the warehouse. (b) The furniture, equipment, appliances and generally the non consumable items in the offices of the Head or District Offices shall be regarded as taken out from the warehouse and shall be checked by a special auxiliary book. (5) (a) As regards materials or other property rendered useless, a statement shall be prepared by the appropriate officer-in-charge, which includes suggestions for their disposal or writing off. The said suggestions shall be submitted before the Board of Directors for approval. (b) In the event of being rendered useless or destroyed or lost, due to bad use, negligence or fraud, a person of authority must be specified to assess the damage and suggest an apportionment of blame. (c) As regards the use of writing paper, cleaning material and generally the material of daily use and use of offices, minutes shall be prepared every six months. (d) Useless material capable of being used for another purpose either in their present conditions or by conversion, processing or repair, shall be filed afresh in the Inwards and Outwards Book, and shall be recorded in the appropriate class for its new use. Immovable Property Book. (6) At the end of the financial year an audit of the Inwards and Outwards Book shall be made. At the same time an inventory at the Central Warehouse and at the Services of existing materials shall be prepared for the verification of the result. (7) The inspection of the administration of the materials shall be effected by the appropriate services and their financial officials. This inspection shall be effected for the verification of the correctness of the entries in the Inwards and Outwards Book on the basis of entry and withdrawal vouchers. 22.-(1) The immovable property of the Organization shall be recorded in the Immovable Property Book. (2) In a special section of the Immovable Property Book, referring to immovable, there shall be referred-

15 15 (a) the date and the way of acquisition of the immovable property, namely through purchase, assignment, compulsory acquisition, etc; (b) the type, the area, the position and the buildings or other sequels of the immovable; (c) the value of the immovable property, that is the sum expended for its acquisition and any further expenditure for its maintenance or its improvement; (d) the initial purpose and the present use of the immovable property, with a reference of the Department where this has been delivered for management and administration thereof; and (e) the valuation of the immovable property, namely the assessed value at a certain time, after deduction of a fixed percentage for depreciation. (3) In a special column of the immovable property a statement of its writing off shall be noted in case of foreclosure or transfer of its ownership. Responsibility of accountant and Store Keeper (1) The accountant of the Organization shall be responsible: (a) To abide by all the regulations regarding the financial administration thereof existing or issued from time to time; (b) to safeguard all cash, property titles, duplicate receipts, receipts, collections and generally all movable or immovable property of the Organization; (c) to act competently and according to issued orders and not to act in contravention thereof; (d) to act with strict supervision over all the employees under him those appointed for collections or expenditure and to take precautions with continuous control against fraud, abuse or negligence regarding the above; (e) to concisely record in all the accounting books all cash transactions; (f) to secure that all the expenditures are duly authorized and within the boundaries of the budget as they were originally approved or subsequently increased or reduced by decision of the Board of Directors: Provided that, any of the above relevant duties may, following the approval of the Director-General, be assigned to other employees under the accountant who shall have, in that case, the responsibility of adequate supervision for the securing of the fulfillment of his above duties. (2) The store-keeper shall be responsible for (a) any shortage under his administration; (b) any loss, damage or injury due to his fault; (c) any incorrect delivery of materials;

16 16 (d) any omission in filing the debiting of material; (e) any numerical faults for which the Organization has suffered damage; (f) the untimely submission of accounts of his administration. Preventive Control. 24.-(1) The preventive control of expenditures of the Organization regarding the financial operations of the appropriate department manifested through the organs of the control of payment of orders, shall be promoted for the ascertainment of the legality and formality of every payment. Inter alia it shall be examined- (a) if during the acknowledgment and payment of expenditure the relevant provisions of the Laws, Regulations and the decisions of the appropriate organs of the Organization have been complied with; (b) if for the expenditure there was legally acknowledged credit entry in the Budget; (c) if the effected payment is based on a complete and properly drawn up voucher verifying that through this a real debt of the Organization is discharged; (d) if the calculation of the payable sum was correctly made. Ministerial Control. 25. The bringing up before the Minister of any subject on which he exercises preventive control according to the Law shall be effected by the Chairman of the Board of Directors or with the authority of the Board by the Director-General or the Officer-in-charge of the appropriate Department, following the opinion of the Board of Directors.