Section 4C: Application of surplus amount or accumulated
This section is inserted by Act No 13 of 2019, section 49.
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
4C. Application of surplus amount or accumulated
revenue reserve
Notwithstanding any other enactment establishing a
statutory body, where the financial statements of the statutory
body show an operating surplus or accumulated revenue
reserve, the Board shall, at the request of the Minister
responsible for the subject of finance, remit the surplus or
accumulated revenue reserve into the Consolidated Fund or
invest in Treasury Certificates or other Government securities.
(c) by inserting, after section 4C, the following new section –
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Questions this section answers
- Can the Minister of Finance require a statutory body to hand over its operating surplus to the Consolidated Fund?