22. The net surplus for any year, if any, out of the revenue of the Corporation after defraying the charges mentioned in section 21, may be appropriated by the Board of Directors for any or all of the following purposes with the approval of the Minister given with the concurrence of the Minister of Finance: -
| (a) writing off the preliminary expenses incurred in the formation of the Corporation; |
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| (b) writing off any accumulated losses brought forward; |
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| (c) writing off any unproductive expenditure not properly chargeable to revenue; |
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| (d) transfers to the insurance reserve which the Board of Directors is hereby authorized to establish and maintain; |
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| (e) transfers to the assets replacement reserve which the Board of Directors is hereby authorized to establish and maintain; |
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| (f) transfers to the loan redemption reserve which the Board of Directors is hereby authorized to establish and maintain; |
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| (g) transfers to any development reserve which the Board of Directors is hereby authorized to establish and maintain. |
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Sri Lanka Consolidated Acts