Amendment status not verified — confirm the current text below against the official source.
(l) The Board shall create a depreciation Reserve. reserve and as -far as in compliance with the pro- visions of Section 32 makes it practicable, shall at the end of every financial year, credit to such re- serve from its revenue, such amounts in respect of each of its assets as would, if made annually thro- ughout ·the period relative to that asset specified in the schedule and accumulated at compound in- terest at the rate offour per cent per annum, produced c;- by the end of the said period an amount equal to ninety five _ger cent of the original cost of that asset· · (2) The amount to be credited . every year to the depreciation reserve shall consist of the deposit under sub-:-section ( 1) plus interest on the accumu- lated balance in the reserve. (3) The contribution in 'respect of any asset to the depreciation reserve under this section shall cease at the end of the sa:id period· or where the asset ceases to be used by the Board, whichever is earlier. (4) ,If in any financial year it is not practicable fully to comply with the provisions of sub-section (.I), the amount by which the sums actually eredited falls short of the amount required ·under that sub- section ··in respect of that year shall be carried forward and together with the compound .interest thereon l_L I ======================~==============~~--- Tim ASSAM GAZETTE. E~T~ORDINARY, . JAN. 9, 1987 II at the aforsaid rates · shall be credited (o· the said reserve as soon as it is fo1uid possible in a~cordance with Section · 32 so to do. .... Estimate of