Companies (Auditing and Accounting) Act 2003
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Excess revenue. |
16.—(1) The Supervisory Authority shall apply any excess of its revenue over its expenditure in any year to meet its programme of expenditure approved for the subsequent year under section 13 , and the amounts payable under section 14 (1) and (2) for the subsequent year shall be appropriately reduced. | |
(2) Money in, or set aside for, the reserve fund is not considered to be revenue for the purposes of this section. |