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Coal Industry Nationalisation Act 1946

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This is the original version (as it was originally enacted).

29Reserve fund of the Board

(1)The Board shall establish a reserve fund.

(2)The management of the said fund, the sums to be carried from time to time to the credit thereof, and the application thereof, shall be as the Board may determine :

Provided that—

(a)no part of the said fund shall be applied otherwise than for purposes of the Board ; and

(b)the power of the Minister to give directions to the Board shall extend to the giving to them, with the approval of the Treasury, of directions as to any matter relating to the establishment or management of the said fund, the carrying of sums to the credit thereof, or the application thereof, notwithstanding that the directions may be of a specific character.

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