AGRICULTURAL DEVELOPMENT CREDIT AND CO-OPERATIVE BANK ACT - 1965 (ACT 286)

Section - 22 - General Reserve Fund

(1) The Bank shall establish a fund to be called the General Reserve Fund and create from time to time such other reserves as the Board may determine with the prior approval of the Minister.

(2) After making adequate provisions for bad and doubtful debts, depreciation of assets, contribution to staff and superannuation funds and other contingencies and for any other purpose to which the profits of the Bank may properly be applied, there shall be transferred to the General Reserve Fund:-

(a) the whole of the net profits of the Bank, if the amount of moneys in such fund is less than one-quarter of the paid up capital of the Bank; [As amended Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 13].

(b) three-quarter of the net profits of the Bank, if the amount of moneys in such Fund is less than one-half of the paid up capital of the Bank; [As amended Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 13].

(c) one-half of the net profits of the Bank if the amount of moneys in such Fund is less than the paid up capital of the Bank; [As amended Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 13].

(d) one-quarter of the net profits of the Bank if the amount of moneys in such Fund is not less than the paid up capital of the Bank; and [As amended Agricultural Development Bank Act, 1965 (Amendment) Decree 1967 (NLCD 182) s. 13].

(e) any moneys thereafter remaining, after the payment of dividends declared by the Board.