Article 18
(a) The Agency's net annual profits shall be determined after deduction of all current expenses for the year, making provision for the depreciation of assets, and subtraction of the value of bad and doubtful debts and the value of transfers made to the Agency's staff retirement fund, to the contingencies account or for any other purpose determined as necessary by the Board of Directors of the Agency and approved by the Minister of Finance.
(b) The Agency shall have a General Reserve to which the following
items shall be posted at the end of every financial year:
1 — 100% of the net profits of the Agency, as long as the amount of
the General Reserve does not exceed 50% of the authorized capital of the Agency.
2 — 50% of the net profits of the Agency when the amount of the
General Reserve exceeds 50% of the authorized capital of the Agency and until the balance of the General Reserve becomes equal to the authorized capital of the Agency.
3 — 25% of the net profits of the Agency, or if needs be, such smaller
percentage as will be adequate to increase the balance of the General Reserve until it equals twice the amount of the authorized capital of the Agency. However, by agreement between the Minister and the Agency, the General Reserve may be increased and the percentage of the posting raised to such limits and rates as will be agreed upon.
(c) After making the transfer to the General Reserve in accordance
with the text of paragraph (b), 50% of the remaining net profits of the
financial year shall be allocated for the redemption of such bonds issued
pursuant to the provisions of Article 17 (b) as may be in the possession
of the Agency. This redemption shall be carried out on behalf of the Government.
(d) Any remaining net profits shall be transferred to the General
Cash Account of the Government. Such transfer shall be made after the
end of each financial year, within three months of the date of completion
of the audit of accounts.
(e) The deductions mentioned in paragraph (a) and (b) of this
Article, or the transfer mentioned in paragraph (d), may not be made, if the
Board of Directors of the Agency decides that the assets of the Agency fall
short, or, were such deductions or transfer to be effected, will fall short of
the Agency's commitments and its paid-in capital.