(1) The Corporation shall have a depreciation fund and for this purpose the Corporation shall open a Depreciation Reserve Account with the Bank of Ghana.

(2) At the end of each financial year the Corporation shall transfer to the credit of the Depreciation Reserve Account all amounts charged to profit and loss account in respect of depreciation for buildings, plant and equipment, fixtures and other fixed assets.

(3) Amounts so transferred to the Depreciation Reserve Account shall be used only to replace fixed assets and equipment which are worn out or have become obsolete:

Provided that where funds in the Depreciation Reserve Account exceed the immediate requirements for such replacement, they may be used for other purposes with the consent of the Commissioner and subject to any conditions which the Commissioner may determine, so long as the primary obligations to use the Depreciation Reserve Account for the replacement of fixed assets and equipment as aforesaid is not thereby prejudiced.

(4) Expenditure in respect of current repairs and in respect of purchases of spare parts shall not be met out of the Depreciation Reserve Account but shall be charged to the income and expenditure account of the Corporation for the financial year during which the expenditure is incurred.