Malta Financial Services Authority Act (Cap. 330), article 26

26. (1) The Authority shall establish a Reserve Fund to which the surplus for the year estab lished in the Audited Income Statement shall be appropriated: Provided that the said fund shall not at any time exceed the equivalent of the Operational Ex penses registered in the preced ing financial year as disclosed in the Audited Financial Statements . (2) The surplus funds of the Au thority for each financial year 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, and the appropriation referred t o in sub-article (1). (3) After the allocations referre d to in sub-articles (1) and (2 ) have been made, the remainder of the surplus funds shall be pai d to the Government. Accounts and audit. Amended by: XV .1989.10; XIII.1994.21, 27. Substituted by: XVII. 2002.106.