Co-operative Wholesale Establishment (Amendment) Act (No. 12 of 1969)

Sri Lanka Consolidated Acts

Replacement of section 24 of the principal Act

9. Section 24 of the principal Act is hereby repealed and the following new section substituted therefor: -

24. The net annual profits of the board shall be applied to the following purposes:-

	(a) firstly, for the payment to the Consolidated Fund of such sum as may be determined annually by the Minister acting with the concurrence of the Minister of Finance;

	(b) secondly, for such other purposes including the payment of a bonus to the members of the staff of the board as may be determined by the board, with the approval of the Minister; and

	(c) the balance of such annual profits for payment to the General Reserve. ".