22. Application of the revenue of the Board

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

(1)

The revenue of the Board shall be applied in defraying the following charges and shall be so applied in the order of priority set out hereunder :—

(a)

the working and establishment expenses (including where applicable, allocation to the depreciation reserve), in connection with the exercise and performance of the powers and duties chargeable to revenue account of the Board;

(b)

the interest on any temporary loan raised by the

Board;

(c)

the sum required to be transferred to any sinking fund or redemption fund; and

(d)

the interest on and the repayment of the principal of any Government loan.

(2)

The surplus of the revenue of the Board in any year, which remains after the charges mentioned in subsection (1)

have been satisfied, shall be allocated to the general reserve of the Board.

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Part IV

Offences

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Part V

General

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Part VI

Repeal and Transitional

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Part VII

Amendments to the National Transport Commission Act…

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