Sri Lanka Consolidated Acts

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Agricultural And Agrarian Insurance Act (No. 20 of 1999) - Sect 24

Fund of the Board

24.
(1) The Board shall have its own Fund to be called the Agricultural and Agrarian Insurance Fund (hereinafter referred to as "the Fund").
(2) There shall be paid into the Fund-
(a) all such sums of money as are paid to the Board under section 23.
(b) all such sums of money as were lying to the credit of the Agricultural Insurance Fund established by the Agricultural Insurance Law. No. 27 of 1973 on the day preceding the appointed date;
(c) all such sums of money as are received as interest on investments made by the Board:
(d) all such sums of money as are received by the Board as gifts and donations;
(e) all such sums of money as are received by the Board in the exercise and discharge of its powers and functions.
(3) There shall be paid out of the Fund all such sums of money as are required to defray any expenditure incurred by the Board in the exercise and discharge of its powers and functions under this Act.
(4) At the close of each Financial year, the Board shall set apart an amount to create a Reserve Fund which shall be used at the discretion of the Board to settle claims arising from unforeseen occurrences.

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