Sri Lanka Consolidated Acts

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Ceylon Shipping Corporation Act (No. 11 of 1971) - Sect 21

Application of the revenue of the Corporation

21. The revenue of the Corporation in any year consisting of moneys received and accrued in the exercise and performance of the powers and duties of the Corporation including income from sale of capital assets shall be applied in defraying the following charges: -
(a) the working and establishment expenses of the Corporation in connection with the exercise and performance of the powers and duties of the Corporation, properly chargeable to revenue account;
(b) allocations to cover the depreciation of the movable and immovable property of the Corporation;
(c) the interest on any loans raised by the Corporation under the provisions of this Act;
(d) any loss incurred on the sale of capital assets;
(e) income tax.


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