Section 29: Establishment and operation of general reserve

29. Establishment and operation of general reserve.___(1) The Fund shall establish a general reserve to which it shall appropriate at least fifty percent from surplus of income over expenditure of the Fund at the end of its financial year. (2) The Board may, in its sole discretion, decide to appropriate a higher amount from surplus to the general reserve in any given financial year. (3) If in any financial year, the income of the Fund together with any surplus income brought forward from a previous financial year, is insufficient to enable the Fund to meet the charges and to make the provisions required under sub-section (1), the deficiency shall be met from the general reserve.

Effective date: 2023-08-04

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