The reserve, fund shall, at the discretion of the Board, be applicable for—
| (a) |
the equalisation of dividends or for making provision for exceptional losses, expenses or contingencies; |
| (b) |
the extension or development of the Bank's business; |
| (c) |
writing down the value of any of the Bank's business; |
| (d) |
writing down the value of any of the assets of the Bank; |
| (e) |
covering the loss in wear and tear or other depreciation in value of any property of the Bank; |
| (f) |
any of the objects of the Bank as defined in the Act; or |
| (g) |
any other purpose to which the profits of the Bank may be properly applied. |
The Board may, subject to the provisions of section 13 of the Act, at any time divide among the shareholders, by way of bonus or special dividends, any part of the reserve funds which it, in its discretion, may determine to be required for the purposes aforesaid
Public Service Commission Act, 1997
