[NAMa15y1997s13]13 Indemnity from personal liability The Governor, Deputy Governor, a member of the Board or an officer or employee of the Bank shall not be personally liable for anything done in good faith under this Act. PART III CAPITAL, PROFITS AND RESERVES (ss 14-16) [NAMa15y1997s14]14 Share capital of Bank (1) The authorised share capital of the Bank shall be not less than N$100 000 000, of which a minimum of N$40 000 000 shall be subscribed for and fully paid-up by the Government. (2) The Bank may, from time to time, increase its authorised capital by such amounts as may be recommended by the Board and approved by the Minister. (3) The Government shall be the sole holder of the capital of the Bank. (4) The holdings of the Government of such capital shall not be transferable in whole or in part or subject to any encumbrance. (5) The Board may from time to time, subject to the written approval of the Minister, increase the paid-up capital of the Bank by transfers from the General Reserve Account. (6) No reduction in the capital or in the paid-up capital of the Bank shall be effected, except by amendment to this Act. (7) Whenever the Board is of the opinion that the assets of the Bank are less than the sum total of its liabilities and its paid-up capital, the Minister may, from moneys appropriated by law for that purpose, cause funds to be transferred to the ownership of the Bank in such amounts as are necessary to preserve the paid-up capital of the Bank from impairment. [NAMa15y1997s15]15 Profits of Bank (1) The net profits of the Bank for any financial year shall be determined by the Board after meeting all current expenditure for such year and after making provision for(a) bad and doubtful debts and depreciation of assets; (b) pensions, gratuities, or other benefits for its officers and employees; (c) the cost of issue of notes and coins, which may be amortised over a period not exceeding five years; and (d) such other items as the Board may deem necessary. (2) The net profits of the Bank determined in respect of a given financial year shall, at the end of that financial year, be disbursed as follows: (a) Where at the close of a financial year the funds in the General Reserve Account are less than fifty percent of the paid-up capital of the Bank, the Board shall credit(i) not less than thirty percent of the net profits of the Bank for that financial year, to the General Reserve Account; and (ii) not less than twenty-five percent of the net profits of the Bank for that financial year, to the State Revenue Fund; (b) where at the close of a financial year the funds in the General Reserve Account are more than 50% of the paid-up capital of the Bank, the Board shall credit(i) not less than twenty-five percent of the net profits of the Bank for that financial year, to the General Reserve Account; and (ii) not less than thirty percent of the net profits of the Bank for that financial year, to the State Revenue Fund; (c) the Board may, after the credits referred to in paragraph (a) or (b), transfer from the balance of its net profits such amounts of money to the General Reserve Account or any other reserve account established under section 16 or the State Revenue Fund, as it may determine after consultation with the Minister. [NAMa15y1997s16]16 General Reserve Account and other reserve accounts