Section 60

Any Authority may, and if required by the Minister shall, frame regulations providing for the annual setting aside by the Authority of amounts to create adequate renewals funds to provide for the entire or partial replacement of assets of the Authority which owing to depreciation or other cause will require at some future date to be replaced,

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and providing for the investment of such funds. Such regulations shall be submitted for the approval of the Minister who may approve them with or without modification, and, when approved, they shall be published in the Gazette:

Provided that if the Authority shall fail to frame such regulations and to submit them for approval as aforesaid within a period of twelve months from the date on which the Minister shall require the Authority so to do, such regulations may be made by the Minister.

The Authority shall pay annually out of its revenues into the renewals funds so created such contributions as are required by regulations made under this section, and no such moneys or any part thereof shall, without the sanction of the Minister, be used either permanently or temporarily for any purpose other than the purpose for which such fund has been created. All interest or other revenues derived from such renewals funds shall be paid into and become part of such funds.

Fees.