Establishment of Fuel Equalisation Fund
22A.—(1)  Every person to whom a bus service operator’s licence or a licence under Part III of the Rapid Transit Systems Act (Cap. 263A) has been granted shall —
(a)establish and maintain a Fuel Equalisation Fund (referred to in this Part as the Fund) for the purpose of mitigating the effects of any increase in fuel price and electricity tariff; and
(b)pay into the Fund an annual contribution of such amount as the Council may, from time to time, determine.
[37/2005]
(2)  No person referred to in subsection (1) shall withdraw any sum of money from the Fund except with the approval of the Council.
[37/2005]
(3)  An application to withdraw any sum of money from the Fund shall be made to the Council in such form or manner as the Council may require.
[37/2005]
(4)  Upon receiving an application under subsection (3), the Council may —
(a)grant the application to withdraw the sum of money from the Fund in full or in part, subject to such conditions as the Council thinks fit; or
(b)reject the application.
[37/2005]