s 148I Transfer of Government’s past reserves
148I.—(1) Notwithstanding any provision in this Part, a proposed transfer or transfer (whether by or under any written law or otherwise) by the Government of any of its reserves to —(a) a Government company specified in Part 2 of the Fifth Schedule (referred to in this clause and clause (2) as the transferee company); or (b) a statutory board specified in Part 1 of the Fifth Schedule (referred to in this clause and clause (2) as the transferee board), shall not be taken into account in determining whether the reserves accumulated by the Government before its current term of office are likely to be or have been drawn on if — (i) in the case of a proposed transfer or transfer of reserves by the Government to a transferee company — the board of directors of the transferee company by resolution resolves that those reserves of the Government shall be added to the reserves accumulated by the transferee company before the current term of office of the Government; or (ii) in the case of a proposed transfer or transfer of reserves by the Government to a transferee board — the transferee board by resolution resolves, or any written law provides, that those reserves of the Government shall be added to the reserves accumulated by the transferee board before the current term of office of the Government.[12/2004] (2) Any reserves transferred by the Government together with or under any undertaking, resolution or written law referred to in clause (1) shall be deemed to form part of the reserves accumulated by the transferee company or (as the case may be) transferee board before the current term of office of the Government as follows:(a) where the Supply Bill for any financial year provides for the proposed transfer of reserves and the Supply Bill is assented to by the President — at the beginning of that financial year; (b) where a Supplementary Supply Bill provides for the proposed transfer and the Bill is assented to by the President — on the date of such assent by the President; or (c) in any other case — on the date those reserves are so transferred.[12/2004]