s 21 Finances of Authority
(1) It shall be the duty of the Authority so to conduct their affairs as to secure that their revenues become at the earliest possible date, and thereafter continue, at least sufficient— (a) to meet all sums properly chargeable to revenue account (including sums required for the repayment of loans and interest thereon, for provision for depreciation and for the establishment and maintenance of their reserve fund) ; and (b) to make provision towards, and as soon as practicable for, necessary capital expenditure. F* (2) The Authority shall establish and maintain a reserve fund ; and the management of the said fund, the sums to be carried from time to time to the credit thereof, and the application thereof shall be as the Authority may determine: Provided that— (a) no part of the said fund shall be applied otherwise than for the purposes of the Authority ; (b) the Postmaster General may, with the approval of the Treasury, give to the Authority such directions as he thinks fit as to any matter relating to the establishment or management of the said fund, the carrying of sums to the credit thereof, or the application thereof, and the Authority shall comply with the directions. (3) Any excess of the revenues of the Authority for any financial year over the total sums properly chargeable by the Authority to revenue account for that year, including in such sums (without prejudice to the generality of that expression) sums credited under subsection (2) of this section to the reserve fund of the Authority, shall be applied by the Authority in such manner as the Postmaster General, with the approval of the Treasury and after consultation with the Chairman (or in his absence the Deputy Chairman) of the Authority, may direct. (4) Any direction given under subsection (3) of this section may require the whole or any part of any such excess as aforesaid to be paid into the Exchequer.