Municipal Association Act 1907

The Association may apply money in the Fund—

in the payment of any expenses incurred in the administration of the Fund;

in the repayment of money received from the Association and authorized depositors and interest thereon;

in the repayment of money borrowed by the Association pursuant to section 19 and interest thereon; and

in investments authorized by section 18.

The Association may apply any surplus in the Fund at the end of each financial year in the payment to each authorized depositor during that financial year of an amount calculated on a proportionate basis having regard to the value of deposits made by each authorized depositor and the period of time during which such deposits were held in the Fund.