Section 82A: General Reserve Fund
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
82A. General Reserve Fund
(1) The Board shall, in respect of every financial year, ascertain the surplus income over expenditure of the Commission from its audited comprehensive income determined in accordance with the International Financial
Reporting Standards.
(2) (a) The Commission shall establish a General Reserve Fund to which
shall be allocated, at the end of every financial year, 5 per cent of the surplus income referred to in subsection (1).
(b) Paragraph (a) shall not apply in respect of the financial year
2014.
(2A) Any balance in excess of 400 million rupees in the General Reserve
Fund as at 1 July 2014 shall be paid into the Consolidated Fund.
(3) The balance of the surplus income for the financial year remaining after the allocation made under subsection (2) shall, subject to subsection (4),
be paid into the Consolidated Fund, as soon as practicable, after the end of
every financial year.
(4) Subject to subsection (5), the balance in the General Reserve Fund
shall be—
(a) an amount of 400 million rupees represented by assets net of
any liabilities; or
(b) such other amount as the Minister may, after consultation with
the Chief Executive, determine.
[Issue 6] F10 – 50
Revised Laws of Mauritius
(5) Where, at any time, the balance in the General Reserve Fund is less
than the amount referred to in subsection (4), the Commission shall endeavour to bring the balance to the required level.
(6) An allocation under subsection (2) or a payment under subsection (3)
shall not be made where, in the opinion of the Board—
(a) the assets of the Commission are, or as a result of the allocation
or payment would be, less than the sum of its liabilities and the
amount referred to in subsection (4); or
(b) as a result of the allocation or payment, the Commission would
not be in a financial position to conduct its activities properly.
[S. 82A inserted by s. 7 (i) of Act 10 of 2010 w.e.f. 24 December 2010, s. 13 (e) of Act 27 of
2012 w.e.f. 21 December 2012; s. 19 (e) of Act 27 of 2013 w.e.f. 21 December 2013.]