Amendment status not verified — confirm the current text below against the official source.
(1) The Board shall create a depreciation reserve and shall at the end of every year, credit to such reserve from its revenues a percentage of the original cost of the assets as specified in the Regulations to be framed under this Act. (2) The amount to be credited each year to the depreciation reserve under sub section (1) shall consist of the incremental deposit in the reserve: Provided that the contribution in respect of any asset to the depreciation reserve under this section shall cease at the end of such period as may be prescribed by regulations or when the assets cease to be in use, whichever is earlier. Improvements Reserve