After making provision for payment of interest and dividend under section 28 and for depreciation, reserve and other funds under section 29, a Corporation may utilise such percentage of its net annual profits as may be specified in this behalf by the State Government for the provision of amenities to the passengers using the road transport services, welfare of labour employed by the Corporation and for such other purposes as may be prescribed with the previous approval of the Central Government, [and out of the balance such amount as may, with the previous approval of the State Government ***, be specified in this behalf by the Corporation, may be utilised for financing the expansion programmes of the Corporation and the remainder, if any, shall be made over to the State Government for the purpose of road development].
Section 30: Disposal of net profits.
The Road Transport Corporations Act, 1950Central Act · Act 64 of 1950
Where this provision sits
| Act | The Road Transport Corporations Act, 1950 |
|---|---|
| Section | 30 |
| Marginal note | Disposal of net profits. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- omitted, Act 71 of 1971. . Omitted by Act 71 of 1971, s. 7(a) and the First Schedule (w.e.f. 3-9-1971).
- substituted, Act 28 of 1959. . Subs. by Act 28 of 1959, s. 6, for "and the balance shall be made over to the State Government for the purpose of road development" (w.e.f. 1-9-1959)
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