Section 21 — Currency Act

(1)

The Board shall establish a Reserve Fund.

(2)

There shall be paid into the Reserve Fund by the Board —

(a)

the annual net profits of the Board so long as the Reserve

Fund amounts to less than 10% of the Board’s demand liabilities at the end of the financial year in which the net profits were earned;

(b)

any monies received by the Board from the Government in accordance with the provisions of subsection (3).

(3)

There shall be paid to the Board by the Government any moneys received by the Government from the Commissioners, by way of distribution of any surplus assets of the said Commissioners in accordance with sub-clause (4) of clause 19 of the Malaya British Borneo Currency Agreement,

1960:

Provided that such payments by the Government to the Board shall not exceed the amount that is necessary at any time to raise the value of the

Reserve Fund to an amount equivalent to 10% of the aggregate amount of the

Board’s demand liabilities.

Currency

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