Division 2 Constitution of the funds

56   Creation of the funds

(1)  For each general election, there shall be a Central Fund and a Constituency Fund, to be kept by the Authority.

(2)  The funds shall be credited and distributed in accordance with this Act.

57   Determination of credits to funds

(1)  The amounts to be credited to the funds for a general election shall be determined by the Authority as soon as possible after 6 pm on the day of the issue of the writs for the general election.

(2)  The amounts to be credited, in the aggregate, to the funds for a general election are to be determined in accordance with the following formula:

where:

A represents the aggregate amount (in dollars) to be credited to the funds.

E represents the total number of electors enrolled for all electoral districts as at 6 pm on the day of the issue of the writs for the general election.

N represents:

(a)  the number of months between the day for the return of the writs for the general election and the day for the return of the writs for the previous general election (both days inclusive), any fraction of a month being treated as one month, or

(b)  48,

      whichever is less.

M represents the amount (in cents) of the monetary unit.

(3)  For the purposes of subsection (2), the monetary unit for:

(a)  the first general election to which this Act applies shall be 22 cents, and

(b)  any subsequent general election shall be that amount as adjusted in accordance with Schedule 1, determined by the Authority as at the day of the issue of the writs for the general election or 22 cents, whichever is greater.