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srilawsby aturio
As enacted
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Part XVI · Financial Provisions

96. Allocation of distributable earnings

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Before the expiration of sixty days after the end of each financial year, the Governing Board shall, based on the income statement, statement of financial position, statement of cash flows and statement of changes in equity of such financial year, allocate the distributable earnings in accordance with the following provisions:–

(a)

Firstly - the Central Bank may establish special reserves for such purposes as the Governing Board may deem fit;

(b)

Secondly - an amount equivalent to hundred percent of distributable earnings remaining after allocation to special reserves pursuant to the previous provision shall be credited to the general reserve account until the sum of the paid-up capital and general reserve is at least six per centum of the total monetary liabilities of the Central Bank; and

(c)

Thirdly - any remaining distributable earnings after compliance with the preceding provisions shall, as determined by the Governing Board in consultation with the Minister, either be applied in liquidation of any outstanding Government obligations to the

Central Bank due as at the end of the financial year or be paid and credited to the Consolidated Fund.

(2)

No distribution shall be made except as provided for in subsection (1).

Read on from s 97

Part XVII

Internal and External Audits

Read on from Part XVII

Part XVIII

General Provisions

Read on from Part XVIII

Part XIX

Repeals and Savings

Read on from Part XIX