Section 13
of Social and Welfare Services Lotteries Board Act 1950-62
Section 13
The Board may establish a Reserve Fund, of such amount as the Minister of Finance may approve, for the purpose of meeting any present, future or contingent liabilities incurred or likely to be incurred by the Board in carrying out its duties under this Act or in promoting or administering any lottery which it is or may be permitted to promote under this Act, and may pay into such Fund from time to time, subject to the approval of the Minister of Finance, out of any sums received by it in respect of any lottery such sums as may be necessary for the maintenance of such Fund at the approved amount.
(2)
Where, as a result of moneys in the Reserve Fund being deposited in any bank, the total of the amount of such moneys exceeds the amount approved by the
(a)
a building fund to be expended for the purpose of owning, building, purchasing or otherwise acquiring its own premises in accordance with section 3; and
(b)
a loan fund to be expended for the purpose of granting housing loans to its officers and servants in accordance with section 6.
(2)
Each fund shall be of such amount as may be approved by the Minister of Finance, and the Board may, out of the moneys raised by each lottery, pay into each fund such sums as may be determined by the Minister.
Minister of Finance, then unless that Minister otherwise directs, such excess shall be paid into the Consolidated Fund.