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Transfer of Government's past reserves
Notwithstanding any provision in this Part, a proposed transfer or transfer (whether by or under any written law or otherwise) by the Government of any of its reserves to —
a Government company specified in Part 2 of the Fifth Schedule (referred to in this clause and clause (2) as the transferee company); or
a statutory board specified in Part 1 of the Fifth Schedule (referred to in this clause and clause (2) as the transferee board),
shall not be taken into account in determining whether the reserves accumulated by the Government before its current term of office are likely to be or have been drawn on if —
in the case of a proposed transfer or transfer of reserves by the Government to a transferee company — the board of directors of the transferee company by resolution resolves that those reserves of the Government shall be added to the reserves accumulated by the transferee company before the current term of office of the Government; or
in the case of a proposed transfer or transfer of reserves by the Government to a transferee board — the transferee board by resolution resolves, or any written law provides, that those reserves of the Government shall be added to the reserves accumulated by the transferee board before the current term of office of the Government.
12/2004
Any reserves transferred by the Government together with or under any undertaking, resolution or written law referred to in clause (1) shall be deemed to form part of the reserves accumulated by the transferee company or (as the case may be) transferee board before the current term of office of the Government as follows:
where the Supply Bill for any financial year provides for the proposed transfer of reserves and the Supply Bill is assented to by the President — at the beginning of that financial year;
where a Supplementary Supply Bill provides for the proposed transfer and the Bill is assented to by the President — on the date of such assent by the President; or
in any other case — on the date those reserves are so transferred.
12/2004
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directly attributable to the relevant assets; and
received by the Government during a financial year in any current term of office of the Government,
shall for the purposes of this Part accrete and be deemed to form part of the past reserves of the Government with effect from the date of the receipt thereof.
27/2008
For the purposes of this Part, where any net investment income is received during a financial year in any current term of office of the Government —
such amount of the net investment income of the financial year that is derived from the past reserves of the Government as is certified under clause (3); or
if no certificate under clause (3) is made, 50% of the net investment income of the financial year that is derived from the past reserves of the Government not comprised in the relevant assets,
shall accrete and be deemed to form part of the past reserves of the Government with effect from the date of the certificate relating to that financial year made under clause (3) or, if no such certificate is made or earlier made, from the date the accounts and statements referred to in Article 147(5) for that financial year are...
... that financial year derived from the past reserves of the Government not comprised in the relevant assets which is to accrete and be deemed to form part of the past reserves of the Government; and such certificate shall be final and conclusive evidence of the amount. 2/2001; 27/2008; 20/2015 In this Article — net investment income , in relation to a financial year, means the balance of — the dividends, interest and other income received by the Government during the financial year from investing the reserves of the Government; and the interest received by the Government during the financial year from loans (whenever given) by the Government, after deducting all expenses arising from or incidental to investing and managing those reserves (other than costs of purchasing or disposing of or converting investments) and any interest, sinking fund charges and borrowing charges; net investment income of a financial year that is derived from the past reserves means the share of the net investment income of the financial year that is attributable to the past reserves; past reserves of the Government means the reserves not accumulated by the... ... total of all amounts ascertained by applying the expected long-term real rates of return so agreed under paragraph ( a ) for that financial year on the respective components of the relevant assets, any reference in this Part to the reserves not accumulated by the Government during its current term of office shall exclude those reserves equal to the amount so certified. 27/2008 Any provisional certificate on the spending limit for a financial year issued by the Minister responsible for finance under clause (1A)( b ) at any time during the financial year shall have the same... |