Reserves to be constituted

(1) A Short–term Benefit Contingency Reserve shall be constituted by transferring thereto annually the excess of income over expenditure of the Short–term Benefits Branch. (2) A Long–term Benefits Reserve shall be constituted by transferring thereto annually the excess of income over expenditure of the Long–term Benefits Branch. Social Security 221 (3) A Disablement and Death Benefit Reserve shall be constituted, to finance the periodically payable disablement and death benefits by transferring thereto at the end of each financial year the balance outstanding in the current account after the actuarial present values of periodically payable disablement and death benefits awarded in that year has been charged against the income for that year in the Income and Expenditure Account of the Employment Injury Benefits Branch and credited to a current account which will also be credited with the income from the investment of the said Reserve and debited with the actual payments of the current periodical disablement and death benefits effected during the year. (4) Subject to paragraph (3), an Employment Injury Benefits (Short–term Reserve) shall be constituted to finance medical care, injury benefit disablement grant and funeral grant by transferring thereto annually the excess of income over expenditure of the Employment Injury Branch.