Sri Lanka Consolidated Acts

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State Film Corporation Act (No. 47 of 1971) - Sect 29

Appropriation of net surplus revenue of the Corporation

29.
(1) The net surplus for any year out of the revenue of the Corporation after defraying the charges mentioned in section 28, and after payment of the contribution to the Consolidated Fund, may be appropriated by the Board of Directors for any or all of the following purposes with the approval of the Minister given with the concurrence of the Minister of Finance:-
(a) writing off the preliminary expenses incurred in the formation of the Corporation;
(b) writing off any accumulated losses brought forward;
(c) writing off any unproductive expenditure not properly chargeable to revenue;
(d) transfers to any assets replacement reserve which the Board of Directors may establish and maintain;
(e) transfers to any loan redemption reserve which the Board of Directors may establish and maintain;
(f) transfers to any development reserve which the Board of Directors may establish and maintain.
(2) No debits against or transfers out of the reserves mentioned in sub-section (1) shall be made by the Board of Directors except with the approval of the Minister given with the concurrence of the Minister of Finance.

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