Section 17Part 4 — Financial Provisions
Reserve fund
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The Authority shall maintain a level of cash reserves of an amount agreed with the Governor in the annual ownership agreement prepared in accordance with section 49 of the Public Management and Finance Law (2013 Revision).
Subject to subsection (3), the management of the reserve fund, the sums to be carried from time to time on the credit thereof, and the application thereof, shall be as the Authority may determine.
Subject to section 18, no part of the reserve fund shall be applied otherwise than for the purposes of the Authority.
The Authority may invest its reserve funds and other surplus cash at interest, in cash and bank deposits, including Certificates of Deposit.
Cross References
- Section 49 of Public Management And Finance Law
2013 Revision
- Section 18 of Maritime Authority Act
section 18