Sri Lanka Consolidated Acts

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Co-operative Wholesale Establishment (Amendment) Act (No. 12 of 1969) - Sect 9

Replacement of section 24 of the principal Act

9. Section 24 of the principal Act is hereby repealed and the following new section substituted therefor: -
24. The net annual profits of the board shall be applied to the following purposes:-
(a) firstly, for the payment to the Consolidated Fund of such sum as may be determined annually by the Minister acting with the concurrence of the Minister of Finance;
(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; and
(c) the balance of such annual profits for payment to the General Reserve. ".


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