Contingencies Fund definition
Examples of Contingencies Fund in a sentence
The purpose of the Contingencies Fund is to allow the Minister of Finance to authorize urgent and unforeseen expenditures up to $1 million prior to the approval of the Legislature by supplementary estimate.
Contingencies FundParliament shall make provision for the establishment of a Contingencies Fund and shall make laws to regulate the operations of that fund.
Any law for the time being in force may create or authorise the creation of a Contingencies Fund and may authorise the Minister responsible for finance to make advances from that Fund if he is satisfied that there is an unforeseen need for expenditure for which no provision or no sufficient provision has been made by an Appropriation law.
On March 14, 1979 the House of Assembly passed a resolution to withdraw $1 million from the Fund to set up a Contingencies Fund under the provisions of Section 10(1) of the Public Treasury (Administration and Payments) Act 1969 as amended.
The Contingencies Fund balance is not segregated from general operating cash and cash equivalents and accumulated deficit.