Section 47:
Disposal of surplus.
After making provision for bad and doubtful debts, depreciation of assets
and all other matters for which provision is necessary or expedient or which is usually provided for by
bankers, and for the Funds referred to in sections 42, 43 and 45, the National Bank shall transfer--
(i) for a period of fifteen years, following the accounting year during which the National Bank is
established, the amount remaining (hereafter in this section referred to as surplus) to the Research and
Development Fund under section 44; and
1[(ii) after the expiry of the said period of fifteen years, the Board shall, after making provision
for the Fund referred to in clause (i), disburse or spend the balance of the surplus in such manner as
may be approved by the Board.]
Notes:
1 . Subs. by Act 55 of 2000, s. 28, for clause (ii) (w.e.f. 1-2-2001).