Sri Lanka Consolidated Acts

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Ceylon Electricity Board Act (No. 17 of 1969) - Sect 48

Application of the revenue of the Board

48.
(1) The revenue of the Board in any year shall be applied in defraying the following charges: -
(a) the working and establishment expenses (including allocations to the insurance reserve and the depreciation reserve), in connection with the exercise and performance of the powers and duties of the Board, properly chargeable to revenue account;
(b) the interest on any temporary loan raised by the board .
(c) any sums required on account of the payments that have to be made to the Government under paragraph (c) of section 39;
(d) the interest due on Ceylon Electricity Stock issued under section 43;
(e) the interest on and the repayment of the principal of any loan from the Government or any other source; and
(f) any sums required on account of the payment of a dividend under paragraph (b) of section 39.
(2) The surplus of the revenue of the Board in any fear which remains after the charges mentioned in sub-section (1) have been defrayed, shall be allocated to any one or more of the reserves and funds established under section 47.


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