Malta Financial Services Authority Act (Cap. 330), article 23

23. (1) The Executive Committee shall cause to be prepared in respect of each financial year and shall not later than six weeks after the end of the previous financial year prepare for adoption by the Board of Governors, within six weeks of presentation with or without amendments, estimates of the income and expenditure of the Authority for that financial year. (2) In the preparation of such estimates the Authority shall take account of any funds and other moneys that may be due to be paid to it out of the Consolidated Fund during the relevant financial year by virtue of this Act, and shall endeavour to ensure that the total revenues of the Authority are at least sufficient to meet all sums properly chargeable to its income and expenditure account, including, but, without prejudice to the generality of that expression, depreciation. (3) The estimates shall be made out in such form and shall contain such information and such comparisons with previous years as the Board of Governors may direct. (4) Notwithstanding the provisions of sub-article (1), if in respect of any financial year, it is found that the amount approved by the Board of Governors is not sufficient or a need has arisen for expenditure for a purpose not provided for in the estimates, the Executive Committee may adopt supplementary estimates for approval by the Board of Governors and for the consideration by the House after examination by the committee as aforesaid in sub-article (5). (5) Such estimates shall be examined by a committee of the House appointed for this purpose, which shall report thereon for consideration to the House. (6) The sum or sums referred to in the previous sub-articles shall be determined by resolution of the House after considering the estimates prepared by the Authority and the report thereon by the committee to the House. Other powers of the Authority. Amended by: XV. 1989.8; XXXI. 1990.6; XIII.1994.21,24.| Substituted by: XVII. 2002.106.