47.
| (1) The Board may establish and maintain with the General Treasury-
| | (a) an insurance reserve to cover the insurance of movable and immovable property of the Board and to meet third-party risks and liabilities arising under the Workmen's Compensation Ordinance; | | |
| | (b) a sinking fund in respect of the repayment of loans taken by the Board; | | |
| | (c) a redemption fund in respect of the redemption of Ceylon Electricity Stock; and | | |
| | (d) any other reserve fund that the Board may consider necessary | | |
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| (2) The Board shall establish and maintain with the General Treasury-
| | (a) a depreciation reserve to cover the depreciation of the movable and immovable property of the Board; and | | |
| | (b) a general reserve for the purpose of financing capital works from revenue moneys, ensuring the financial stability of the Board, and for such other purposes as the Board may from time to time determine. | | |
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| (3) The sums to be carried from time to time, to the credit of each of the reserves and funds specified in sub-sections (1) and (2), shall be such sums as may be determined by the Board. |
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| (4) The moneys comprised in the reserves and funds referred to in sub-sections (1) and (2) may be applied in such manner as the Board may determine. |
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Sri Lanka Consolidated Acts