A 4
CAP. 385]
Regional Council Financial By-laws
[1986 Ed.
[Subsidiary]
7,000,000
General Reserve Fund.
Capital Projects Reserve Fund.
Write off of debts, stores and inventories.
Sale of stores on repayment.
Gift of stores to institutions or organizations,
(b) where the value of the contract does not exceed $500,000 with the consent of the Tender Sub-Committee;
(c) where the value of the contract exceeds $500,000 with the consent of the Committee.
7.
(1) The Council may create a General Reserve Fund into which and from which shall be paid such funds of the Council as the Committee may from time to time determine.
(2) Any interest earned on money standing to the credit of the General Reserve Fund shall be credited to the revenue of the Council.
8. (1) The Council may create a Capital Projects Reserve Fund into which and from which shall be paid such funds of the Council as the Committee may from time to time determine.
(2) Monies standing to the credit of the Capital Projects Reserve Fund shall be applied by the Committee to defray the costs for capital works in excess of the provision for such works appearing in the approved estimates of expenditure; but may, with the prior approval of the Council, be applied for other purposes.
(3) Any interest earned on monies standing to the credit of the Capital Projects Reserve Fund shall be credited to the revenue of the Council.
9.
Irrecoverable debts, stores and inventories, if the Director is satisfied no fraud or negligence is involved, may be written off by the Director-
(a) where the amount does not exceed $20,000 in any one case; and
(b) where the amount exceeds $20,000 in any one case with the consent of the Committee.
10. (1) Stores which are surplus to the requirements of the Council may be sold by the Director to the Government, or to any organization or person-
(a) where the value of such stores does not exceed $25,000 in any one case; and
(b) where the value of such stores exceeds $25,000 in any one case with the consent of the Committee.
(2) Stores sold under paragraph (1) shall be sold at stock price plus an additional overhead charge of 20 per cent, which may be waived in any particular case by the Director, or at the replacement price, whichever is greater.
11. (1) Serviceable stores not required by the Council may be given by the Director, without charge, to any institution or organization which, in the opinion of the Director, has been established solely or principally for educational, scientific, cultural or charitable purposes-
1
A 4
CAP. 385]
Regional Council Financial By-laws
[1986 Ed.
[Subsidiary]
7,000,000
General Reserve Fund.
Capital Projects Reserve Fund.
Write off of
debts, stores and inventories.
Sale of stores on repayment.
Gift of stores to institutions or organizations,
(b) where the value of the contract does not exceed $500,000
with the consent of the Tender Sub-Committee;
(c) where the value of the contract exceeds $500,000 with the
consent of the Committee.
7.
(1) The Council may create a General Reserve Fund into which and from which shall be paid such funds of the Council as the Committee may from time to time determine.
(2) Any interest earned on money standing to the credit of the General Reserve Fund shall be credited to the revenue of the Council.
8. (1) The Council may create a Capital Projects Reserve Fund into which and from which shall be paid such funds of the Council as the Committee may from time to time determine.
(2) Monies standing to the credit of the Capital Projects Reserve Fund shall be applied by the Committee to defray the costs for capital works in excess of the provision for such works appearing in the approved estimates of expenditure; but may, with the prior approval of the Council, be applied for other purposes.
(3) Any interest earned on monies standing to the credit of the Capital Projects Reserve Fund shall be credited to the revenue of the Council.
9.
Irrecoverable debts, stores and inventories, if the Director is satisfied no fraud or negligence is involved, may be written off by the Director-
(a) where the amount does not exceed $20,000 in any one case;
and
(b) where the amount exceeds $20,000 in any one case with the
consent of the Committee.
10. (1) Stores which are surplus to the requirements of the Council may be sold by the Director to the Government, or to any organization or person-
(a) where the value of such stores does not exceed $25,000 in
any one case; and
(b) where the value of such stores exceeds $25,000 in any one
case with the consent of the Committee.
(2) Stores sold under paragraph (1) shall be sold at stock price plus an additional overhead charge of 20 per cent, which may be waived in any particular case by the Director, or at the replacement price, whichever is greater.
11. (1) Serviceable stores not required by the Council may be given by the Director, without charge, to any institution or organi- zation which, in the opinion of the Director, has been established solely or principally for educational, scientific, cultural or charitable purposes-
1
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