Section 14 Reserve fund.C1
(1)
The Corporation shall continue to keep a reserve fund (in this section referred to as “the fund”); and, subject to any directions relating to the fund given under section 5 above and to subsection (2) below, the management of the fund, the sums to be carried from time to time to the credit of the fund, and the application of the fund shall be as the Corporation may determine.
(2)
No part of the fund shall be applied otherwise than for the purposes of the Corporation.
Annotations
Modifications
- C1
S. 14 excluded (27.7.1999) by 1999 c. 20, s. 7(3) (with s. 15)
Notes on the whole Act
Textual amendments
- F1
Act (except ss. 1(1), 19) repealed (8.12.1999) by 1999 c. 20, ss. 5(2), 7, 8(2)(a), 27, Sch. 4 (with ss. 8(4)(5), 15); S.I. 1999/3258, art. 2