Cap. 583 Art. 34Authority to meet expenditure from revenue.         Cap. 452.  Cap. 318.  Cap. 372.

(1) Without prejudice to the following provisions of this article, the Authority shall so conduct its affairs that the expenditure required for the proper performance of its functions shall, as far as practicable, be met out of its revenue.

(2) The revenue of the Authority shall consist of:

(a) income derived in respect of authorisations and other fees, rates or charges, including tax, contribution, levy and other payments payable under this Act or any other law in respect of which the Authority exercises supervisory, regulatory or similar functions;

(b) rents, interests and profits accruing from property, deposits and other assets of the Authority; and

(c) any other money receivable or received by the Authority.

(3) Notwithstanding the provisions of any other law, the claim of the Authority of any amount due by way of any such fees, rates, charges, taxes, duties and other payments including administrative penalties shall constitute a privileged claim, ranking immediately after the wages of employees due in terms of article 20

of the Employment and Industrial Relations Act and claims by the

Director of Social Security in terms of article 116 of the Social

Security Act, and equally with claims by the Commissioner for

Revenue in terms of article 23(11) of the Income Tax Management Act, and shall be paid after such wages and social security claims and together with such income tax claims in preference to all other claims whether privileged or hypothecary.

(4) The Authority shall also be paid by Government out of the Consolidated Fund such sums as the House may from time to time authorise to be appropriated to meet the costs of specified works to be continued or otherwise carried out by the Authority, being works of infrastructure or a similar capital nature.

(5) Any funds of the Authority not immediately required to meet expenditure may be invested in accordance with the provisions of this Act.

(6) The Authority may establish an "Ordinary Reserves Fund" to which may be appropriated surplus funds to be used for the purposes of the Authority.

(7) The surplus funds of the Authority mentioned in sub-article (6) for each financial year of the Authority shall be determined after the Authority meets all current expenditure for that year and after making such provisions, including provisions for contingencies, as it deems fit.

(8) After the allocations referred to in sub-articles (6) and

(7) have been made, the remainder of the surplus funds shall be paid to the Government.