Statutory Funds definition

Statutory Funds means the insurance funds established by the Transferee in respect of its long-term insurance business in accordance with the provisions of the Insurance Acts;
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Statutory Funds means those funds to which the Company, according to Chinese mandatory law, has to allocate any portion of the after-tax profit of the Company, e.g. reserve funds.
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Examples of Statutory Funds in a sentence

  • The Board of Directors shall decide the amount of after tax net profit of the Company after making up the accumulated losses of the previous years and allocations to the Statutory Funds to be distributed to the Parties.

  • The Board of Directors shall determine to make annual allocations to the Statutory Funds from the after-tax net profits.

  • The available surplus in BT Life Statutory Funds recognised in the Completion Statement shall be determined on a basis consistent with that used to determine the available surplus in the Accounts.

  • Statutory Funds The Company, in making contributions to statutorily required funds, shall only do so in such amounts and percentages as determined by the Board in accordance with the applicable laws and regulations of China, this Agreement and the Articles of Incorporation.