Sri Lanka Consolidated Acts

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State Gem Corporation Act (No. 13 of 1971) - Sect 26

Appropriation of net surplus revenue of the Corporation

26.
(1) The net surplus revenue for any year, if any, out of the revenue of the Corporation after defraying the charges mentioned in section 25, may be appropriated by the Corporation for any or all of the following purposes with the approval 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 account;
(d) transfers to the assets replacement reserve which the Corporation is hereby authorized to establish and maintain;
(e) transfers to the loan redemption reserve which the Corporation is hereby authorized to establish and maintain;
(f) transfers to the development reserve which the Corporation is hereby authorized to establish and maintain.
(2) No debits against or transfers out of the reserves mentioned in sub-section (1) shall be made by the Corporation except with the approval of the Minister of Finance.
(3) All sums remaining out of the net surplus revenue of the Corporation in any year after the appropriations mentioned in sub-section (1) have been satisfied shall be paid to the Deputy Secretary to the Treasury to be credited to the Consolidated Fund.

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