Section 18: Reserve Fund

18. Reserve Fund (1) Subject to subsections (2) and (3) and subject to such directions as the Minister may give, the Board may set aside out of the profits of the Corporation such sum as it thinks proper as a Reserve Fund for— (a) the payment of contingencies; (b) the stabilising or equalisation of prices; (c) the amortisation of loans; and (d) such other purposes as, in the opinion of the Board, are in the best interests of the Corporation. (2) The Board may invest on such terms and conditions as it thinks fit any sum set aside under subsection (1) or employ such sum for the business of the Corporation. (3) There shall be paid into the Reserve Fund the contributions referred to in section 3A of the Consumer Protection (Price and Supplies Control) Act and these contributions shall, at the rates specified in the Fourth Schedule to the Consumer Protection (Price and Supplies Control) Act, be applied in the following manner— (a) in relation to the Contribution to Road Development Authority, be paid, in such amount as may be prescribed— (i) to the Road Development Authority; and (ii) through the Accountant-General, to the National Transport Authority; (b) in relation to the Contribution to Rodrigues Transportation and Storage, be paid, through the Accountant-General, into the Rodrigues Subsidy Account; and (c) in relation to the Contribution to the Construction of Storage Facilities for Petroleum Products and the Contribution to Subsidy on Liquefied Petroleum Gas (LPG), Flour and Rice, be retained by the State Trading Corporation. [S. 18 amended by s. 65 of Act 11 of 2018 w.e.f. 9 August 2018.]