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(1) The Authority shall have a staff welfare fund.

(2) At the end of each financial year, the Authority shall transfer to the Staff Welfare Fund such sum, not exceeding 5 per cent of the net profits of the Authority as the Board may determine.

(3) The Authority may, with the approval of the Commissioner, use the Staff Welfare Fund for the provision of staff welfare facilities such as canteens, low interest bearing staff welfare loans and for other purposes aimed at enhancing the welfare of the staff of the Authority.

(4) The operation of the staff welfare fund shall be subject to such specific rules or regulations as may be made by the Board.