2. Section 21 of the Transport Board Law, No. 19 of 1978 (hereinafter referred to as the "principal enactment") is hereby amended by the repeal of subsections (1) (2) and (3) of that section and the substitution therefor, of the following new subsections :
| " (1) The Central 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 to meet 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 |
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| (2) Every Regional 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 to meet 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 |
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| (3)
| | (a) The sum to be carried from time to time to the credit of each of the reserves specified in subsections (1) and (2) shall be such sum as the Central Board or each respective Regional Transport Board with the concurrence of the Central Board, as the case may be, determines. | | |
| | (b) The sums lying to the credit of the insurance reserves specified in subsections (1) (a) and (2) (a) shall be invested in Government Treasury Bills.". | | |
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Sri Lanka Consolidated Acts