OpenLegislation

Paragraph 4

Original text. Later amendments are not shown.

(1)

Subject to paragraph 3(b) above, and provided that the condition specified in paragraph 5 below is complied with, the Board may withdraw moneys standing to the credit of the B Reserve Fund in order to–

(a)

discharge any actual liabilities–

(i)

as they fall due for payment;

(ii)

upon the winding up of the Board;

(b)

make interim and final payments.

(2)

The Board shall hold any moneys not so withdrawn as a reserve in order to meet the Board’s contingent liabilities or make further interim payments or apply them in accordance with paragraph 6 below.