—(1) The Legislature may by law create a Contingencies

148C.—(1) The Legislature may by law create a Contingencies Fund each for the Consolidated Fund and for the Development Fund and authorise the Minister responsible for finance to make advances from the appropriate Contingencies Fund if — (a) he is satisfied that there is an urgent and unforeseen need for expenditure for which no provision or no sufficient provision has been made by a Supply law; and (b) the President, acting in his discretion, concurs with the making of such advances. (2) Where any advance is made by virtue of the authority conferred under clause (1), a supplementary estimate of the sum required to replace the amount so advanced shall, as soon as practicable, be presented to and voted on by Parliament and the sum shall be included in a Supplementary Supply Bill or Final Supply Bill. (3) If the Minister responsible for finance intends to make any advance from a Contingencies Fund, he shall present to the President a statement stating whether the proposed advance, if replaced, is likely to draw on the reserves which were not accumulated by the Government during its current term of office. (4) The President may, acting in his discretion, refuse to concur with the making of an advance from a Contingencies Fund which in his opinion, if replaced, is likely to draw on the reserves which were not accumulated by the Government during its current term of office. (5) The Minister responsible for finance may withdraw any sum from — (a) a Contingencies Fund for the Consolidated Fund with a view to transferring the sum to the Consolidated Fund; or (b) a Contingencies Fund for the Development Fund with a view to transferring the sum to the Development Fund, being a sum in the Contingencies Fund concerned which the Minister, after proper inquiry, is satisfied to be in excess of what is likely necessary to meet an urgent and unforeseen need for expenditure from that Contingencies Fund. [Act 13 of 2023 wef 24/04/2023] (6) The Minister responsible for finance must present to Parliament a report of every transfer under clause (5) as soon as practicable after the transfer is made. [Act 13 of 2023 wef 24/04/2023]