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Part 5 · Financial Provisions

22. Application of revenue

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(1)

The revenue of the Authority for any financial year must be applied in defraying the following charges:

(a)

the remuneration, fees and allowances of the members of the Authority;

(b)

the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority;

(c)

working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to revenue account;

(d)

interest on any loan raised by the Authority;

(e)

sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority;

(f)

sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of borrowed money;

(g)

such sums as may be deemed appropriate to be set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amounts set aside out of revenue under paragraphs (c) and (f);

(h)

the cost, or any portion of the cost, of any new works, plants, vessels, vehicles, machinery, equipment or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge to revenue;

(i)

such sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; and

(j)

any other expenditure authorised by the Authority and properly chargeable to revenue account.

(2)

The balance of the revenue of the Authority must be applied to the creation of a general reserve and any other reserves that the Authority may think fit.

Report

Part 6

Transfer of Assets, Liabilities and Employees

Part 7

Employment of Seamen

Part 8

Regulation of Port

Part 9

Removal of Vessel and Aircraft Sunk and Other Obstruction

Part 10

Pilotage

Part 11

Regulation and Control of Seaward Activities

Part 12

Licensing of Marine and Port Services and Facilities

Part 12A

Control of Designated Operating Entities and Designated Equity Interest Holders

Part 13

Control of Designated Licensees and Designated Operating Entities

Part 14

Liability of Authority

Part 15

Offences

Part 16

Miscellaneous Provisions

Schedules