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Paragraph 16 Reserves

Original text. Later amendments are not shown.

(1)

Where the accounts of the association show reserves, a breakdown should be given as follows:

(a)

general reserve;

(b)

revaluation reserve;

(c)

designated reserve, the designated use of which should be specified; and

(d)

other reserves.

(2)

For each class of reserve show:

(a)

the amount of the reserves as at the beginning of the period of account and at the balance sheet date;

(b)

any amounts transferred to and from the reserves during that period; and

(c)

the source and application of any amounts so transferred.