S.L. 269.1 Art. 16Financial matters.

Subject to the provisions of these regulations, the financial matters of Il-Monti shall be managed in the same way as the affairs of the departments of Government, and they shall be subject to all laws and regulations made for this purpose and to all administrative directives issued by the competent authority governing such matters: Provided that -

(a) the Minister shall by warrant authorise the advance out of the Treasury Clearance Fund of sufficient capital to Il-Monti to enable it to carry out its functions under article 3(3) of the Act and the loan assets referred to in subarticle (1) of the said article shall be deemed to have been so advanced on the date of commencement of these regulations;

(b) monies received on the redemption or sale of pledges shall be kept by the Commissioner for the day-to-day business of Il-Monti, so however that -

(i) the amount of cash kept on the premises of Il-Monti shall not exceed twelve thousand euros (12,000) at the end of any day,

(ii) interest received during any one month shall be passed to Revenue, and

(iii) the total amount of any surpluses referred to in paragraph (c) which are repaid during any month shall be debited to the deposit account mentioned in the said paragraph;

(c) the Accountant General shall operate a deposit account into which shall he paid all surpluses referred to in article 4(2) and article 5(1) of the Act pending either their recovery by the owners of the sold pledges, or the lapse of the period mentioned in the said subarticles, when they shall be passed to Revenue.