Section 82: General Fund

82. General Fund (1) The Commission shall establish a General Fund— (a) into which all monies received by the Commission shall be paid; and (b) out of which all payments required to be made by the Commission and all charges on the Commission shall be effected. (2) The Commission shall derive its funds from— (a) fees or other charges levied under the relevant Acts; and (b) such other source as may be approved by the Minister. (3) The Commission shall, not later than 3 months before the commencement of every financial year, submit to the Minister an estimate of its income and expenditure for that financial year. F10 – 49 [Issue 6] Financial Services Act (4) (a) No fund, other than the General Fund under this section, the Financial Services Fund under section 68 and the General Reserve Fund under section 82A, shall be created under this Act. (b) — (5) — (6) A sum equivalent to 2 per cent of the excess income over the expenditure of the Commission for each financial year shall be paid from the General Fund into the Financial Services Fund. (7) (a) Any balance in the General Fund, after the transfer under subsections (5) and (6), shall be transferred to the Consolidated Fund— (i) in respect of the financial year 2014, not later than 31 August 2014; (ii) in respect of every following financial year, not later than 31 December of that year. (b) Any balance in the General Fund referred to in paragraph (a) shall be calculated by reference to the expected surplus in a financial year based on management accounts. [S. 82 amended by s. 7 (h) of Act 10 of 2010 w.e.f. 24 December 2010; s. 19 (d) of Act 27 of 2013 w.e.f. 21 December 2013.]