Section 55, the Local Government Act, 2004, exercising authority

(1) The Company shall prepare a rolling medium-termplan of 5 years or at such duration as the Board may detrmine which shall specify the objectives and the strategies to be adopted for their implementation together with a forecast of its effect on the key aspects of the performance of the Company. (2) The medium-term plan shall be elaborated into detailed operational annual plans supported by annual income and expenditure budgets (3) An annual plan of activities prepared and finallised by the Managing-Director shall be submitted not later than 3 months before the begining of the financial year of the Company for the approval of the Board.