My bookmarksSign up free
← Commonwealth Development Corporation Act 1978

Commonwealth Development Corporation Act 1978 s 15

Commonwealth Development Corporation Act 1978 s 15

s 15 Financial duty of Corporation and application of surplus revenue.

(1) It shall be the duty of the Corporation so to exercise and perform its functions as to secure that its revenues are not less than sufficient to meet all sums properly chargeable to its revenue account, taking one year with another. (2) Any excess of the revenues of the Corporation for any financial year of the Corporation over the sums properly chargeable to its revenue account for that year shall be applied by the Corporation for such purposes as it may determine with the approval of the Minister given with the consent of the Treasury. (3) In this section the expression “ sums properly chargeable to its revenue account ” includes, without prejudice to the generality of that expression, provisions in respect of obligations of the Corporation— (a) under section 12 above; and (b) under section 14 or under any such directions as are referred to in that section.

Read this section in the full act →

Read the official text ↗

Contains public sector information licensed under the Open Government Licence v3.0.

What to look at next