33.
| (1) In addition to the permanent reserve fund the board shall create a fund called the contingency fund of the Corporation and shall carry to that fund-
| | (a) all premiums received on the issue of shares which are not carried to the permanent reserve fund; and | | |
| | (b) such sums out of the profits of the Corporation as the board think proper. | | |
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| (2) The contingency fund may be applied from time to time in such manner as the board shall determine-
| | (a) for meeting depreciation and losses; | | |
| | (b) for equalizing dividends; | | |
| | (c) for repairing, improving or maintaining any of the property of the Corporation; | | |
| | (d) for any other purposes which the board may think proper. | | |
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| (3) The board may divide the contingency fund into such special funds as they think 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 they think fit, with full power to employ the whole or any part of the assets constituting the contingency fund in the business of the Corporation without being under any obligation to keep the same separate from the other assets of the Corporation. The board may also (subject to the provisions of this Act) without placing the same to reserve, carry over any profits which they may think it not prudent to divide. |
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| (4) It shall not be necessary to show the contingency fund separately in the balance sheet of the Corporation. |
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Sri Lanka Consolidated Acts