Consumer Protection Act 2007

24C.

F33 [ Surplus or deficiency in certain income of Agency during financial year.

24C . (1) If the total sum received by the Agency on account of levies prescribed under section 24B during a financial year is greater than the Agency s expenditure on the performance of its functions referred to in F36 [ section 10 (3)(j) of the Competition and Consumer Protection Act 2014 ] during that financial year, the Agency

( a ) shall apply the surplus to the performance of those functions and the exercise of those powers in the following financial year, and

( b ) shall reduce the levies prescribed in relation to the latter financial year accordingly.

(2) If the sum received by the Agency on account of levies prescribed under section 24B during a financial year is less than the Agency s expenditure on the performance of its functions referred to in F36 [ section 10 (3)(j) of the Competition and Consumer Protection Act 2014 ] during that financial year, the Agency may prescribe levies in relation to the following financial year sufficient to

( a ) make good the deficiency, and

( b ) ensure that the sum received by the Agency on account of such levies during the following financial year fully covers the performance of those functions during both those financial years. ]

Annotations:

Amendments:

F33

Inserted (1.01.2011) by Central Bank Reform Act 2010 (23/2010), s. 15(5) and sch. 2 part 5 item 5, S.I. No. 686 of 2010.

F36

Substituted (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 82(c), S.I. No. 366 of 2014, in effect as per reg. 2.