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srilawsby aturio
As enacted
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Part V · Institutional Structure of Farmers’ Organisations

45. Farmers’ Organisations to have the power to obtain loan facilities

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

(1)

Every Farmers’ Organisation may—

(a)

obtain loans or advances, from prescribed Banks or

State Institutions ;

(b)

obtain loans from prescribed banks or State

Institutions for its members under joint loan schemes on the basis of recovering and paying bank such loans within a prescribed period ;

(c)

acquire, hold, take or give on lease or hire, mortgage, pledge, sell or otherwise dispose of, any movable or immovable property ;

(d)

utilize the moneys of a Farmers’ Organisation in the performance of its duties ;

(e)

utilize the moneys obtained in the exercise of its powers to give loans to its members.

(2)

A Farmers’ Organisation may obtain deposits from its members and utilise the same to grants loans to its members.

(3)

When a member of a Farmers’ Organisation gives fourteen days notice to the organisation that he intends to withdraw any money deposited with the organisation, the

Farmers’ Organisation shall pay that member the money so deposited with interest thereon.

(4)

Regulations may be made prescribing the manner in which the powers conferred by this section may be exercised.

Read on from s 46

Part VI

Agrarian Development Councils

Read on from Part VI

Part VII

Irrigation Work and the Management of Irrigation Water

Read on from Part VII

Part VIII

General Provisions

Read on from Part VIII

Schedules