Amendment status not verified — confirm the current text below against the official source.
(1) The Company shall apply its revenues in the manner following, that is to say:— (a) Firstly, paying all expenses of managing, maintain- ing and working the undertaking, including debenture interest; (b) Secondly, paying all Indian and -United Kingdom taxes payable by the Company; 1c) Thirdly, setting aside in each accounting year in a Renewals and Replacements Reserve Account the sum of Eighty thousand pounds sterling or such greater sum as the Directors of the Company for the time being may in consultation with the Government consider necessary in the light Of experience and in view of the expansion of the undertaking or increase in prices; (d) Fourthly, setting aside in each accounting year in a fund (hereinafter called "the Shareholders' Account") the following sums :— (i) £87,457 together with (ii) four per cent. upon any additional outside share capital raised by the Company with the consent of the Government after the date of this Agree- ment. (e) Fifthly, accumulating any surplus in a special reserve account the balance of which (after providing for losses, if any) will eventually accrue to the benefit of the Government. (Before such transfer however, of a loss against the credit standing in the Special Reserve Account, the Government should be consulted, the final decision on such matter nevertheless being reserved to the Company). (2) If in any accounting year the revenues arising from the undertaking are insufficient to provide for all the matters enumerated in the preceding sub-clause of this clause, such revenues shall be so applied in the priority there set out. 6 The Calcutta Tramways Act, 1951. [West Ben. Act (The First Schedule.)