Cap 411 s 8 Contingency fund (EMPLOYEES' COMPENSATION INSURANCE LEVIES ORDINANCE)

Contents of Section

Chapter:	411	Title:	EMPLOYEES' COMPENSATION INSURANCE LEVIES ORDINANCE	Gazette Number:
Section:	8	Heading:	Contingency fund	Version Date:	30/06/1997

(1) Subject to subsection (2), the Board may establish, pay into and maintain a contingency fund-

(a) to provide for any expenditure of an unexpected or urgent nature; and

(b) to meet any outgoings of a kind specified in section 6(3)(a), (b) or (c) if the resources of the Board received under that section are insufficient to meet those outgoings.

(2) The Board shall not pay into the contingency fund established under this section any sum which would, if added to the fund as then existing, increase the level of the fund beyond-

(a) an amount equal to twice the average monthly expenses of the Board; or

(b) such other greater amount as may be approved by the Secretary from time to time.

(Enacted 1990)