Establishment of reserve fund

Infrastructure1924119 of 119 sections available

Statutory text

(1) The Board may, from time to time, set apart such sums out of its revenue surplus, as it thinks fit, as a reserve fund or funds for the purpose of providing against any temporary decrease of revenue or increase of expenditure from transient causes or for purposes of replacement, or for meeting expenditure arising from loss or damage from fire, shipwreck or other accident, or for any other emergency arising in the ordinary conduct of its work under this Act: Provided that the sums set aside as a reserve fund or funds shall not exceed such amount, annual or in the aggregate as may from time to time be fixed by the '[State Government].
(2) Such reserve fund or funds may be invested only in the promissory notes and other securities of the '[Central or the State Government] or in Port Trust Securities.

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