Allocation of surplus funds

Section 13 of the Bihar Integrated Check-Post Authority Act, 2011 deals with allocation of surplus funds. The Authority may, from time to time, set apart such amounts as it thinks fit, as a reserve fund or funds for the purpose of expanding existing facilities or services or creating new facilities or services at any integrated check post or for purposes of replacement or meeting expenditure arising fro

(1) The Authority may, from time to time, set apart such amounts as it thinks fit, as a reserve fund or funds for the purpose of expanding existing facilities or services or creating new facilities or services at any integrated check post or for purposes of replacement or meeting expenditure arising from loss or damage due to any natural calamity or accident or meeting any liability arising out of any act of omission or commission in the discharge of its functions under this Act:

Provided that the Authority shall also have the power to establish specific reserve fund for specific purposes;

Provided further that the sums set apart annually in respect of each or any of the specific and general reserve fund and the aggregate at any time of such sums shall not exceed such limits as may, from time to time, be fixed in that behalf by the Government.

(2) After making provision for such reserve fund or funds and for bad debts, depreciation in assets and all other matters as are usually provided for by companies registered and incorporated under the Companies Act 1956, the Authority shall pay the balance of its annual net profits to the consolidated fund of the Government.

Section 13, The Bihar Integrated Check-Post Authority Act, 2011 (Act 9 of 2011).