Sri Lanka Consolidated Acts

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State Gem Corporation Act (No. 13 of 1971) - Sect 25

Application of the revenue of the Corporation

25. The revenue of the Corporation in any year consisting of moneys received in the exercise or the performance of its powers, duties or functions, including income from the sale of capital assets, shall he applied in defraying the following charges: -
(a) the working and establishment expenses of the Corporation in connection with the exercise and performance of its powers, duties and functions, properly chargeable to revenue account;
(b) allocations to cover the depreciation of the movable and immovable property of the Corporation;
(c) the interest on any loans raised by the Corporation under the provisions of this Act;
(d) any losses incurred in the sale of capital assets:
(e) income tax.


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