Sri Lanka Consolidated Acts

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Gem Trading Bank Act (No. 51 of 1993) - Sect 15

Gem Reserve Fund

15.
(1) The Bank may establish and maintain a Gem Reserve Fund (hereinafter referred to as the "Reserve Fund").
(2) There shall be paid into the Reserve Fund
(a) any sums of money realized from the sale of any gems under section 14(2) (c) ;
(b) all grants made to the Reserve Fund and received by the Bank ; and
(c) all moneys transferred out of the funds lying to the credit of any other account.
(3) There shall be paid out of the Fund
(a) all sums of money required for the acquisition of gems for the Gem Reserve ; and
(b) all sums of money required to defray any expenditure incurred by the Bank in maintaining the Gem Reserve.
(4)
(a) The stock of gems of the Gem Reserve shall be valued at the end of each financial year and any revaluation profits realized or any revaluation losses incurred by such valuation shall be credited to or debited to a special account to be maintained by the Board which shall be named " Gem Reserve Revaluation Account".
(b) The Board may make rules with the approval of the Monetary Board in respect of the administration and management of the Reserve Fund and the Gem Reserve Revaluation Account.

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