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