Cap. 442 Art. 30asset of a society of any surplus the case may be, after allowing, in value made "revaluation Schedule, but (3) The standing to the management of policies adopted reserve to the (a) the (b) it (4) Any expenditure shown separately (5) the credit of the time. (6) The revaluation

(1) With respect to any determination of the value of an on any basis mentioned in paragraph 27 of this Schedule the amount or loss arising from that determination shall be credited or, as debited to a separate reserve to be called "the revaluation reserve", where appropriate, for any provisions for depreciation or diminution reserve" in Format 1 or 2 of the balance sheet formats contained in this need not be shown under that name.

revaluation reserve shall be reduced to the extent that the amounts credit of the reserve are in the opinion of the committee of the society no longer necessary for the purpose of the accounting by the society; but an amount may only be transferred from that income and expenditure account if -

amount in question was previously charged to that account; or represents realised surplus. amounts transferred from the revaluation reserve to the income and account in accordance with the provisions of sub-paragraph (3) shall be in the income and expenditure account.

Notwithstanding the provisions of sub-paragraph (3) the balance standing to revaluation reserve may be capitalised in whole or in part at any treatment for taxation purpose of amounts credited or debited to the reserve shall be disclosed in the notes to the accounts.