Sri Lanka Consolidated Acts

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Motor Transport Act (No. 48 of 1957) - Sect 35

Application of the revenue of the Ceylon Transport Board

33.
(1) The revenue of the Ceylon Transport Board in any year shall be applied in defraying the following charges, and shall be so applied in the order of priority set out hereunder: -
(a) the working and establishment expenses (including allocations to the insurance reserve and depreciation reserve), in connexion with the exercise and performance of the powers and duties of the board properly chargeable to revenue account;
(b) the interest on any temporary loan raised by the board;
(c) any sums required to be transferred to any sinking fund or redemption fund; and
(d) the interest on and the repayment of the principal of any Government loan.
(2) The surplus of the revenue of the Ceylon Transport Board in any year which remains after the charges mentioned in subsection (1) have been satisfied shall be allocated to the general reserve.

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