25. Borrowing powers of the Board

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Board may, with the concurrence of the

Minister, and the Minister in charge of the subject of Finance, or in accordance with the terms of any general authority given with like concurrence, borrow, by way of overdraft or otherwise, or negotiate and obtain on credit, such sums as the

Board may require for meeting the obligations of the Board or discharging its functions.

(2)

The Board may, with the consent of the Minister given with the concurrence of the Minister in charge of the subject of Finance, borrow money otherwise than by way of loan under subsection (1) for all or any of the following purposes:-

(a)

the requisition or acquisition of any movable or immovable property required for the business of the Board;

(b)

the repayment of any money borrowed under subsection (1)

Read on from s 26

Part IV

General

Read on from Part IV