Comparison View

Formal Consolidation |  1999 RevEd
General Reserve Fund
6.—(1)  There shall be a General Reserve Fund of the Authority.
(2)  At the end of each financial year, the net profit of the Authority for that year shall be determined after allowing for the expenses of operation and after provision has been made for bad and doubtful debts, depreciation in assets, contributions to staff and pension funds and such other contingencies as are usually provided for by banks.
[24/2003 wef 01/01/2004]
(3)  Subject to subsection (4), such part of the net profit of the Authority, as the board determines, shall be placed to the credit of the General Reserve Fund and the remainder shall be paid to the Government.
(4)  Where at the end of a year the General Reserve Fund is —
(a)less than half the paid-up capital of the Authority, the whole of the net profit shall be credited to the General Reserve Fund; and
(b)not less than half the paid-up capital of the Authority but less than twice the paid-up capital of the Authority, not less than 30% of the net profit shall be credited to the General Reserve Fund.
Informal Consolidation | Amended Act 31 of 2017
General Reserve Fund
6.—(1)  There shall be a General Reserve Fund of the Authority.
(2)  At the end of each financial year, the net profit of the Authority for that year shall be determined after allowing for the expenses of operation and after provision has been made for bad and doubtful debts, depreciation in assets, contributions to staff and pension funds and such other contingencies or purposes as the Authority may determine.
[24/2003 wef 01/01/2004]
(3)  Subject to subsection (4), such part of the net profit for each financial year as the Authority may determine shall be paid to the Government and the remainder of the net profit, if any, shall be credited to the General Reserve Fund.
[24/2003 wef 01/01/2004]
(3A)  Notwithstanding subsection (3), the Authority may pay to the Government such amount from the General Reserve Fund over and above the net profit, if any, as the Authority may determine.
[24/2003 wef 01/01/2004]
(4)  Where the General Reserve Fund is in deficit at the end of a financial year —
(a)if the Authority’s net profit for that financial year is larger than the deficit, an amount of not less than the net profit necessary to offset the deficit, as determined by the Authority, must be credited to the General Reserve Fund; and
(b)if the Authority’s net profit for that financial year is smaller than or equal to the deficit, the whole of the net profit must be credited to the General Reserve Fund.
[Act 31 of 2017 wef 15/08/2017]