Section 19: General Reserve Fund.

(1) Notwithstanding the provisions of any enactment, the Corporation shall establish a General Reserve Fund and shall, subject to subsection (2), transfer thereto at the end of each fiscal year its net operating surplus for the year in order to-
(a) satisfy payment obligations to depositors in the event that any deposit insurance fund established by or under section 17 of this Act is insufficient for that purpose; and
(b) render assistance to insured institutions in accordance with the provisions of this Act.
(2) Subject, to the provisions of section 17 (6) (d) of this Act and provided that the minimum target fund size prescribed by the Board under Section 17 (4) of this Act has been attained, where the General Reserve Fund is more than ten times the authorised capital at the end of the year-
(a) 75% of the net operating surplus shall be transferred to the General Reserve Fund;
(b) 50% of the remaining 25% of the net operating surplus may be applied to reduce the annual premium payable by insured institutions and if not so applied, shall be transferred to the General Reserve Fund; and
(c) the remaining 50% of the remaining 25% of the net operating surplus shall be paid to the shareholders.
(3) The net operating surplus of the Corporation for each year shall be determined after-
(a) providing for meeting the minimum target fund size for each of the deposit insurance fund established by or under section 17 of this Act;
(b) meeting all the current expenditure for that year; and
(c) making such other provisions as the Board may deem fit including depreciation of assets, contribution to staff pension and superannuation funds and all other reasonable contingencies.