Section 38Part 6 — Financial and accountability provisions
Reserve fund
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The Office shall maintain a reserve fund.
The management of the reserve fund, the sums to be carried, from time to time, on the credit thereof, and the application of the fund, shall be as the Office may determine.
Notwithstanding subsection (2), no part of the reserve fund shall be applied otherwise than for the purposes of the Office.
The Office shall set aside up to thirty percent of its reserve as a dedicated fund to promote innovation and economic development and the fund shall be called the "Innovation Support Fund".
The power of the Cabinet to give directions to the Office shall extend to the giving to the Office of directions as to any matter relating to the establishment or management of the reserve fund, the carrying of funds to the credit thereof or the application thereof, notwithstanding that the direction may be of a specific character; but the Cabinet shall consult with the Board before giving directions in relation to the reserve fund and the directions shall be limited in the scope of application of the funds to activities related to the sectors for which the Office has responsibility.
Defined Terms
Innovation Support Fund