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C-19 - Cities and Towns Act
Section 468.45.4
Disposition versions
468.45.4. All expenditures necessary for the carrying out of the purpose for which the reserve was established must have been made on or before the date on which the reserve ceases to exist.
The treasurer must file, not later than at the last meeting of the board of directors before that time, a statement of the income and expenditures of the reserve.
The board of directors shall allocate the amount, if any, by which the reserve’s income exceeds its expenditures in accordance with the provisions of the by-law under which the reserve was established. If there is no such provision, any amount in excess shall be paid to the municipalities for whose benefit the reserve was established, in the proportion determined under section 468.5.
468.45.4. All expenditures necessary for the carrying out of the purpose for which the reserve was established must have been made on or before the date on which the reserve ceases to exist.
The treasurer must file, not later than at the last meeting of the board of directors before that time, a statement of the income and expenditures of the reserve.
The board of directors shall allocate the amount, if any, by which the reserve’s income exceeds its expenditures in accordance with the provisions of the by-law under which the reserve was established. If there is no such provision, any amount in excess shall be paid to the municipalities in the territory under the jurisdiction of the management board, in the proportion determined under section 468.5.
