24. Establishment of Parliamentary Fund and other national government public funds (1) There is established a fund to be known as the Parliamentary Fund.

(2) The Secretary to the Parliamentary Service Commission shall, on the directions of the Commission, open and operate such bank accounts as may be necessary for the purposes of the Parliamentary Fund. (2A) Notwithstanding the provisions of subsection (1), the Parliamentary Service Commission may, with the approval of the National Assembly, establish the following public funds— (a) Parliamentary Mortgage (Members) Scheme Fund; (b) Parliamentary Mortgage (Staff) Scheme Fund; (c) Parliamentary Car Loan (Members) Scheme Fund; (d) Parliamentary Car Loan (Staff) Scheme Fund; and (e) Parliamentary Catering Fund. 26 [Rev. 2020] Public Finance Management No. 18 of 2012 for purposes of Parliament or a House of Parliament.

(3) Notwithstanding any other provisions of this Act, where a Fund is established under this Act or any other law for the purposes of Parliament or a House of Parliament, the Parliamentary Service Commission shall— (a) establish procedures and systems for proper and effective management of the monies and property of the Fund; (b) establish accounting procedures and systems for the Commission to properly account for the monies and property; (c) superintend the expenditure of the monies of the Fund to ensure that the monies are properly accounted for; (d) prepare and submit accounts for each financial year in accordance with the written law for the time being relating to audit for audit by the Auditor-General; and (e) ensure that accounts prepared under paragraph (d) comply with the provisions of this Act.

(4) The Cabinet Secretary may establish a national government public fund with the approval of the National Assembly.

(5) The Cabinet Secretary shall designate a person to administer every national public fund established under subsection (4).

(6) The administrator of a national public fund shall ensure that the earnings of, or accruals to a national public fund are retained in the fund unless the Cabinet Secretary directs otherwise.

(7) The administrator of a national public fund shall ensure that money held in the fund, including any earnings or accruals referred to in subsection (6), is spent only for the purposes for which the fund is established.

(8) The Cabinet Secretary may wind up a national public fund with the approval of the National Assembly.

(9) On the winding up of a national public fund— (a) the administrator of the national public fund shall pay any amount remaining in the fund into the National Exchequer Account for the credit of the national government; or (b) the Cabinet Secretary shall pay any deficit in the fund from funds of the national government in the National Exchequer Account with the approval of the National Assembly; and (c) the Cabinet Secretary shall submit a final statement of accounts to Parliament.

(10) The administrator of a national public fund— (a) shall prepare financial statements for the fund for each financial year in a form specified by the Accounting Standards Board; and (b) not later than three months after the end of each financial year, submit those statements to the Auditor-General and deliver a copy of the statements to the National Treasury, Commission on Revenue Allocation and the Controller of Budget.