Sri Lanka Consolidated Acts

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Transport Board Law (No. 19 of 1978) - Sect 22

Application of the revenue of the Central Board and of the Regional Transport Boards

22.
(1) The revenue of the Central Board and that of every Regional Transport Board 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 where applicable, allocation to the depreciation reserve), in connection with the exercise and. performance of the powers and duties chargeable to revenue account of the Central Board or. the Regional Transport Board, as the case may be ;
(b) the interest on any temporary loan, raised by such Board :
(c) the 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 Central Board and of each. Regional Transport Board in any year which remains after the charges mentioned in subsection (1) have been satisfied shall be allocated to the general reserve of the Central Board and of the respective Regional Transport Board.

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