Asian Infrastructure Investment Bank Agreement (Ratification) Act 2016 · As enacted
5. Issue of Government promissory notes or obligations
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister assigned the subject of Finance may, if he deems necessary on behalf of the Government of Sri
Lanka, for the purpose of payment of subscription under paragraph 5(b) of Article 6 of the agreement create and issue to the Bank, in such form as he deems necessary, any such non-negotiable and non-interest bearing promissory notes or other obligations payable at par value on demand to the account of the Bank, in lieu of the currency of Sri Lanka in such circumstances stipulated in Article 6 of the agreement.
For the purpose of providing any sums required to be paid out of the Consolidated Fund under section 4, the
Minister assigned the subject of Finance may raise loans, on behalf of the Government of Sri Lanka, by the creation and issue to the Central Bank of Sri Lanka, in such form as he may deem necessary, of non-interest bearing and non-negotiable promissory notes or obligations.
The Central Bank of Sri Lanka is hereby authorized to accept and hold any promissory notes or obligations created and issued in accordance with the provisions of subsection (2) of this section subject to the provisions of any other written law.
There shall be paid out of the Consolidated Fund such sums as may be required for the redemption of any notes or obligations created and issued to the Central Bank of Sri
Lanka under subsection (1) of this section.