Sri Lanka Consolidated Acts

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Motor Transport Act (No. 48 of 1957) - Sect 34

Reserves

32.
(1) The Ceylon Transport Board-
(a) may establish and maintain an insurance reserve to cover the insurance of the movable and immovable property of the board and to meet liabilities arising in respect of third-party risks and risks 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 board; and
(ii) a general reserve.
(2) The sums to be carried from time to time to the credit of each of the reserves specified in subsection (1) shall be as the Ceylon Transport Board may determine.
(3) The application of the moneys comprised in the general reserve shall be as the Ceylon Transport Board may determine. The purposes of the general reserve shall be to ensure the financial stability of the board's undertaking and to prevent frequent fluctuations in the fares levied by the Ceylon Transport Board in respect of the omnibus and h1iring car services provided by the board and the powers of the board in relation to the general reserve shall be exercised accordingly.

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