Section 12Part 0 —
Reserve fund
←→ Navigate · Click subsection badges to collapse · Press ? for help
The College shall maintain a reserve fund to meet future anticipated liabilities and commitments in respect of its obligations under this Law.
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 Board may determine:
Provided that —
no part of the reserve fund shall be applied otherwise than for the functions of the College; and
the power of the Minister to give general directions to the Board shall extend to the giving of directions as to any matter relating to the establishment or management of the reserve fund, the carrying of funds on the credit thereof, or the application thereof, notwithstanding that the directions may be of a specific character.