AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

The Airports Authority of India Act, 1994

25.Allocation of surplus funds.-

  1. The Authority may from time to time set apart such amounts as it thinks fit as a reserve or funds for the purpose of expanding existing facilities or services or creating new facilities or services at any airport, civil enclave heliport or airstrip of for the purpose of providing against any temporary decrease of revenue or increase of expenditure from transient causes or for purpose of replacement or for meeting expenditure arising from loss or damage from fire, cyclone, air-crash or other accident or for meeting any liability arising out of any act or commission in the discharge of its functions under this Act:

Provided that without prejudice to the right of the Authority to establish specific for one or more specific purpose, the Authority shall also have the power establish a general reserve:

Provided further that the sums set apart annually in respect of each or any of the specific and general reserves 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 Central Government.

  1. After making provision for such reserve fund or funds and for bad and doubtful depreciation in assets and all other matters which 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 Central Government.



Airports Authority Of India Act, 1994 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys