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Legislation
Corporation Tax Act 2009

Crossheading Reserves of marketing authorities etc

  • Section 153 Reserves of marketing authorities and certain other statutory bodies
  • Section 154 Conditions to be met by reserve fund
  • Section 155 Interpretation of sections 153 and 154
  1. Reserves of marketing authorities etc
  2. Conditions to be met by reserve fund

Section 154 | Conditions to be met by reserve fund

From legislation.gov.uk

(1)These are the conditions to be met by the reserve fund (see section 153(2)).

(2)The first condition is that no sum may be withdrawn from the fund without the authority or consent of a Minister or department.

(3)The second condition is that if—

(a)money has been paid to the body by a Minister or department—

(i)in connection with arrangements for maintaining guaranteed prices, or

(ii)in connection with the body's trading arrangements, and

(b)the money is repayable to the Minister or department,

sums standing to the credit of the fund are required to be applied (in whole or in part) in repaying the money.

(4)The requirement mentioned in subsection (3) must be imposed by or under the scheme or arrangement mentioned in section 153(2).

(5)The third condition is that—

(a)the fund is reviewed by a Minister at intervals fixed by or under the scheme or arrangement mentioned in section 153(2), and

(b)if the fund appears to the Minister to exceed what is reasonably required by the body, the excess is withdrawn from the fund.

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