29.
| (1) The Board of Directors-
| | (a) may establish and maintain an insurance reserve to cover the insurance of the movable and immovable property of the Corporation and liabilities arising under the Workmen's Compensation Ordinance; and | | |
| | (b) shall establish and maintain-
| | | (i) a depreciation reserve to cover the depreciation of the movable and immovable property of the Corporation, and |
| (ii) a general reserve not exceeding such amount as may from time to time be determined by the Minister. |
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| (2) Such amount out of the surplus of the revenue of the Corporation in any year remaining after the charges mentioned in section 28 have been satisfied as can be paid to the general reserve without causing it to exceed the amount determined by the Minister under paragraph (b) (ii) of subsection (1) shall be paid to that reserve and the balance, if any, of such surplus shall be paid to the Deputy Secretary to the Treasury to be credited to the Consolidated Fund of Ceylon. |
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Sri Lanka Consolidated Acts