(1) Not later than 2 months before the beginning of each financial year, or within such extended period as the Minister may allow, the Regulatory Authority shall -
(a) prepare a statement setting out estimates of its income and expenditure for that year, and
(b) submit the statement to the Minister for approval of so much of the statement as relates to paragraphs (a) and (b) of subsection (2).
(2) The statement must -
(a) specify the amounts expected to be collected and recovered during the financial year concerned from the imposition of levies under section 33J, and
(b) specify any other sources from which funds are expected to be obtained during that year to finance the Regulatory Authority's activities and the amounts expected to be raised from those sources, and
(c) specify the activities that the Regulatory Authority proposes to undertake during that year.
(3) Before submitting the statement to the Minister for approval for the purposes of subsection (1) (b), the Regulatory A