193. 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 council before that time, a statement of the income and expenditures of the reserve.
The council 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 into the general fund or, if the reserve was established for the benefit of some of the municipalities whose territory is situated within the territory of the Community, to those municipalities.
2000, c. 34, s. 193; 2001, c. 68, s. 105.