10. Regulations

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Minister may make regulations on the advice of the Monetary Board, in respect of all matters required by this Act to be prescribed or in respect of which regulations are authorised by this Act to be made.

(2)

In particular and without prejudice to the generality of the powers conferred by subsection (1), the Minister may make regulations in respect of all or any of the following matters:-

(a)

the conditions subject to which debt may be refinanced and pre-financed;

(b)

the manner and the procedures applicable to the refinancing and pre-financing of debt; and

(c)

any other matters as may be necessary for the purpose of achieving the objective of this Act.

(3)

Every regulation made by the Minister shall be published in the Gazette and shall come into operation on the date of such publication, or on such later date as may be specified in the regulation.

(4)

Every regulation made by the Minister shall, within three months after its publication in the Gazette, be brought before Parliament for approval.Any such regulation which is not so approved shall be deemed to be rescinded as from the date of its disapproval, but without prejudice to anything previously done thereunder.

(5)

Notification of the date on which any regulation made by the Minister is so deemed to be rescinded shall be published in the Gazette.

Read on from s 11