S.L. 442.3 Art. 16Distribution of funds.

(1) Funding shall be distributed by the Committee, subject to availability, according to the following structure:

(a) a sum equivalent to three and half percent of the five percent paid up dividend share capital contributed during the preceding year shall be granted to the two leading, recognised and eligible organisations towards the financing, administration and provision of services to members of the organisations;

(b) a sum equivalent to one and half percent of the five percent paid up dividend share capital contributed during the preceding year shall also be granted to:

(i) member societies of both leading, recognised and eligible organisations;

(ii) co-operatives not members of or affiliated with the two leading, recognised and eligible organisations;

(iii) for jointly presented proposals by the two leading recognised and eligible organisations; and

(iv) those eligible for funding in accordance to regulation 13.

(2) The Committee shall make available the funds to the two leading, recognised and eligible organisations in regulation 16(1)(a):

(a) upon majority approval of the forecasted annual budget of the following year which shall be provided to the Committee by not later than October of the preceding year;

(b) upon majority approval of the budget, the Committee shall transfer the funds for the upcoming year by not later that seventh day of January.