—(1) All fees, penalties and other moneys payable under this Act shall be paid to the Board to be applied —
in the first place to defraying the expenses incurred by the Board in the administration of this Act, including the remuneration of the Registrar and other officers and employees of the Board; and
(2) The Registrar shall take and receive all moneys payable to the Board under this Act.
(3) All fees and other moneys payable to the Board under this Act shall be paid immediately into a bank account approved by the Minister.
(4) The Board may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
(5) The Board shall keep full and proper accounts of all moneys received and expended by it and the accounts shall be audited by an auditor approved by the Minister.