Section 18Part 4 — Financial Provisions
Financial procedure
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The receipts of the Authority shall be classified under the following heads of receipt —
dues and charges received by virtue of this Law;
amounts borrowed by the Authority; and
miscellaneous receipts, including interest on and service of investments, and such receipts shall, within seven days of receipt thereof, be paid into a bank account approved by the Financial Secretary.
The receipts of the Authority shall be applied to meet the following heads of expenditure —
repayment of overdraft, if any, on current account;
interest on loans;
sinking fund on loan redemption;
repairs and maintenance of buildings and equipment, and other current expenses;
reserve funds for depreciation and renewals;
salaries, pensions, gratuities and other benefits of persons employed by the Authority;
training of employees of the Authority;
general reserve fund; and
any other expenditure, capital or otherwise, approved by the Authority.
The Authority may, with the approval of the Financial Secretary, invest its reserve fund at interest.
The Authority shall make an annual payment into the general revenue of the Islands, calculated by a formula determined by the Financial Secretary after consulting the Authority and the Minister, and the balance shall be carried forward to the account of the Authority.
No receipts under subsection (1)(b) shall be taken into account in calculating the amount of any annual payment into the general revenue of the Islands under subsection (4).
Defined Terms
heads of receiptheads of expenditure