6.
| (1) Section 9 of the principal enactment is hereby repealed and the following new section substituted therefor: -
| | 9.
| | | (1) In addition to the permanent reserve fund the board stall create a fund called the contingency fund of the bank and shall carry to that fund such sums out of the profits of the bank as the board thinks proper. |
| (2) The contingency fund may be applied from time to time in such manner as the board shall determine-
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| (3) The board may divide the contingency fund into such special funds as it thinks fit, and may consolidate into one fund any special funds or any parts of any special funds into which the contingency fund may have been divided as it thinks fit, with full power to employ the whole or any part of the assets constituting the contingency fund in the business of the bank without being under any obligation to keep the same separate from the other assets of the bank. The board may also, (subject to the provisions of this Ordinance), without placing the same to reserve, carry over any profits which it may think it is not prudent to divide. |
| (4) It shall not be necessary to show the contingency fund separately in the balance sheet of the bank.". |
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Sri Lanka Consolidated Acts