Section 24 in Bangalore Water Supply and Sewerage Act, 1964
24. Depreciation reserve.
(1)The Board shall create a depreciation reserve and, [x x x] [Omitted by Act 6 of 1966 w.e.f. 17.3.1966.] shall, at the end of every year, credit to such reserve from its revenue, such amount as would if made annually throughout the preserved period of assets specified in the Table appended to the Schedule to this Act and accumulated at compound interest at the rate of three per cent per annum produce by the end of the prescribed period an amount equal to ninety per cent of the original cost of the assets after taking into account the sums already written off and set aside in the books of the Board.(2)The amount to be credited every year to the depreciation reserve under subsection (1) shall consist of the incremental deposit plus interest on the accumulated balance in the reserve:Provided that the contribution in respect of any asset to the depreciation reserve under this section shall cease at the end of such period as may be prescribed by [regulations] [Substituted by Act 6 of 1966 w.e.f. 17.3.1966.] or when the asset ceases to be used by the Board, whichever is earlier:[Provisos x x x] [Omitted by Act 6 of 1966 w.e.f. 17.3.1966.]
