1964_URBAN_COUNCIL_FINANCIAL_BY-LAWS — Page 7

1984 Ed.]

Urban Council Financial By-laws

[CAP. 101

D7

i

(2) Monies standing to the credit of the General Reserve Fund not immediately required by the Council shall be invested in accordance with the provisions of section 43 of the Ordinance and the interest earned thereon shall be credited to the revenues of the Council.

15. (1) The Council may create a Capital Projects Reserve Fund into 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-

(a) shall be applied by the Committee to defray costs for capital works in excess of the provision for such works appearing in the approved estimates of expenditure:

(b) shall, if not immediately required for the purposes of sub-paragraph (a), be invested in accordance with section 43 of the Ordinance and the interest earned thereon credited to the revenues of the Council; and

(c) may, with the prior approval of the Standing Committee, be applied for purposes other than those specified in sub-paragraph (a).

16. (1) The Council may create a Museums Acquisition Reserve Fund into which shall be paid the following-

(a) such funds of the Council as the Committee may from time to time determine;

(b) such funds as may be donated to the Council for the acquisition of museum or art pieces; and

(c) any interest that may from time to time accrue on monies standing to the credit of the Museums Acquisition Reserve Fund.

(2) Monies standing to the credit of the Museums Acquisition Reserve Fund-

(a) shall be applied by the Museums Select Committee to defray the cost of acquisitions by the Museums of the Council; and

(b) shall, if not required for any purpose under sub-paragraph (a), be invested in accordance with section 43 of the Ordinance.

[Subsidiary]

Capital Projects Reserve Fund. L.N. 284/75

Museums Acquisition Reserve Fund. L.N. 340/81.

L.N. 136/84.