Utilities Regulations and Competition Authority (Amendment) Act, 2013 (No. 17 of 2013)

1. Short title and commencement.. 2 UTILITIES REGULATION AND COMPETITION AUTHORITY

2. Amendment of section 37 of the principal Act... 2 (AMENDMENT) ACT, 2013

3. Amendment of section 40 of the principal Act... 3 AN ACT TO AMEND THE UTILITIES REGULATION AND COMPETITION AUTHORITY ACT TO PROVIDE FOR THE PAYMENT INTO THE CONSOLIDATED FUND OF EXCESS SURPLUS FUNDS [Date of Assent - 1st July, 2013] Enacted by the Parliament of The Bahamas

1. Short title and commencement. (1) This Act, which amends the Utilities Regulation and Competition Authority Ad, may be cited as the Utilities Regulation and Competition Authority (Amendment) Act, 2013. (2) This Act shall come into force on the 1' I day of July, 2013.

2. Amendment of section 37 of the principal Act. The principal Act is amended by the repeal and replacement of section 37 as follows - "37. Payment of surplus funds into Consolidated Fund. (1) For the purposes of this Act, monies paid into the fund which are not immediately required by UReA are surplus funds. (2) Subject to subsection (3), URCA shall at the end of each financial year pay into the Consolidated Fund all surplus funds standing to the credit ofURCA. '(Volume VI, Chapter 306, Statute Law ofThe Bahamas) Page - 1 Page- 2 (3) The M inister of Finance may, at the end of the financial year, authorise UReA to reserve from surp lus funds suc h sums, if any, as the Minister may determine. (4) URCA may utilise funds reserved pursuant to subsectio n (3) (a) to meet the anticipated costs for the forthcom ing financial yea r; (b) to invest in securities issued by the Governme nt of The Bahamas; and (c) in deposits with any banking institution regulated by the Central Bank of The Bahamas.".

3. Amendment of section 40 of the principal Act. Sectio n 40 of the pr incipal Act is deleted. Page - 3