28.
| (1) The 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 third-party risks and liabilities arising 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 not exceeding such amount as may from time to time be determined by the Minister with the concurrence of the Minister of Finance. |
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| (2) Such amount out of the surplus revenue of the Board in any year remaining after the charges mentioned in section 27 have been satisfied and providing for the payment of any tax shall be applied for the following purposes in the order of priority set out hereunder: -
and the balance of such surplus revenue shall be applied for payment to the general and special reserves. | | (a) firstly, for the payment to the Consolidated Fund of such sum as may be determined annually by the Minister of Finance acting with the concurrence of the Minister; | | |
| | (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; | | |
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Sri Lanka Consolidated Acts