17Funds of Authority

17 Funds of Authority

[Section 17 Substituted by No. 47 of 2010, s. 9, Applied:01 Feb 2011]

(1)  The Authority is to keep such authorised deposit-taking institution accounts as it considers necessary.

(2)  The funds of the Authority are to be paid to the credit of such of the accounts referred to in subsection (1) as the Authority determines and are to consist of –

(a) money received by way of fees, fines, penalties and charges paid to or recovered by the Authority; and

(b) any money borrowed by the Authority; and

(c) any money received by the Authority from other sources.

(3)  The funds of the Authority are to be applied –

(a) in payment or discharge of the expenses, charges and obligations incurred or undertaken by the Authority in the performance of its functions and the exercise of its powers; and

(b) in the payment of any remuneration payable by the Authority.

(4)  The Authority may invest any money that it is holding in any manner in which a trustee is authorised by law to invest trust funds.