PORTS ACT

Section 31: Reserve funds.

1956Section 31 of 138Federal Republic of Nigeria

(1) There shall be established and maintained a general reserve fund.
(2) The Authority may establish and maintain such other reserve funds as the Minister may approve.
(3) The maximum of any fund established and maintained under this section shall be such as the Minister may, from time to time, prescribe.
(4) The Authority may, with the approval of the Minister, carry to any fund established and maintained under this section such part of the receipts on revenue account as is available for the purpose:
Provided that the amount comprised at anyone time in any such fund shall not exceed the maximum prescribed for that fund under subsection (3) of this section.
(5) The application of any fund established 'and maintained under this section shall be as the Authority may, with the approval of the Minister, determine:
Provided that no part of the moneys comprised in any such fund shall be applied otherwise than for the purposes of the Authority.

Cite this section

Section 31, PORTS ACT (1956).

https://repo.podus.ai/laws/ports-act/section/31/