236 Statutory Instruments 15th June, 2012 (2) The manager shall not without the prior approval of the Authority, invest assets in excess of twenty percent of the Fund’s net asset value in any one form of investment. Contributions to Fund and rates of contribution S.I. No. 34 of 2010 20. (1) A licensee shall contribute, in accordance with section seventy of the Act, at the rate not exceeding 1.5 percent of gross annual turnover collected by the Authority under the Information and Communications Technologies (Licensing) Regulations, 2010. (2) A contribution made under sub-regulation (1), shall not exceed fifty percent of the total collectable annual operating fees payable to the Authority. (3) Contributions payable by a licensee under this regulation shall be payable annually in advance and shall be effected by payment to the Authority. (4) The Fund may receive moneys from appropriations from Parliament, grants, donations and other sources. (5) The money received by the fund under subregulation (4) shall be deposited in the Fund account and shall form part of the moneys accruing to or otherwise vesting in the fund. Application for funds 21. (1) A universal service provider wishing to develop any un-served or under-served area may apply to the Authority for money to develop that area: Provided that the money from the Fund shall only be used to carry out development which has been approved by the Authority. (2) The application referred to in subregulation (1) shall be in writing and shall contain the following particulars: (a) the development proposal; (b) the name of the un-served or under-served area for which the development proposal is to be implemented; (c) the estimated cost of the development that the universal access provider wishes to undertake; (d) a plan for the implementation of the development proposal; and (e) a plan for the future operation and maintenance of the development and how the development will be financed.