sec.12Funds of the trusts

### sec.12 Funds of the trusts A trust must establish the following funds at a financial institution— a general fund, to be called the [name of trust] fund; a loan fund for each loan borrowed; a reserve fund comprising any reserve accounts established under subsection (4) . The general fund must be made up of all revenues of the trust and must be applied to expenditure properly incurred by the trust, other than expenditure for works for which the trust is authorised to spend loan moneys. A loan fund must be made up of the amounts received under a loan and must be applied to expenditure for which the loan was obtained or as otherwise authorised under this Act. A trust may establish reserve accounts for the transfer from its general fund of amounts as provided for under its annual budget. An amount held in a reserve account must be used only for the purposes stated for that account. s 12 amd 1959 8 Eliz 2 No. 27 s 4; 1968 No. 29 s 3 ; 1977 No. 5 s 8 ; 1985 No. 111 s 8 ; 1992 No. 15 s 13 sch ; 1997 No. 17 s 74 sch ; 1997 No. 78 s 102 sub 2014 No. 64 s 39 (sec.12-ssec.1) A trust must establish the following funds at a financial institution— a general fund, to be called the [name of trust] fund; a loan fund for each loan borrowed; a reserve fund comprising any reserve accounts established under subsection (4) . (sec.12-ssec.2) The general fund must be made up of all revenues of the trust and must be applied to expenditure properly incurred by the trust, other than expenditure for works for which the trust is authorised to spend loan moneys. (sec.12-ssec.3) A loan fund must be made up of the amounts received under a loan and must be applied to expenditure for which the loan was obtained or as otherwise authorised under this Act. (sec.12-ssec.4) A trust may establish reserve accounts for the transfer from its general fund of amounts as provided for under its annual budget. (sec.12-ssec.5) An amount held in a reserve account must be used only for the purposes stated for that account. - (a) a general fund, to be called the [name of trust] fund; - (b) a loan fund for each loan borrowed; - (c) a reserve fund comprising any reserve accounts established under subsection (4) .