Common Amenities Board (Amendment) Act 2003 · As enacted
19. Insertion of new section 19A in the principal enactment
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 following new section is hereby inserted immediately after section 19 of the principal enactment and shall have effect as section 19A of the that enactment :—
19A. (1) The Authority may, with the consent of the Minister, given with the concurrence of the
Minister in charge of the subject of Finance and subject to such terms and conditions, borrow temporarily, by way of overdraft or otherwise, such sums as the authority may require for meeting the obligations of Authority or discharging its duties and functions under this Act :
Provided however, that the aggregate of the amounts outstanding in respect of any temporary loans raised by the Authority under this
“Borrowing powers of the
Authority.
subsection shall not at any time exceed such sum as may be determined by the Minister in consultation with the Minister in charge of the subject of Finance.
The Authority 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 temporary loan under subsection (1) by the issue of debentures and the debentures so created and issues in this Act are referred to as
“Condominium Management Authority
Debentures.
Condominium Management Authority
Debentures shall be issued, transferred, dealt with, redeemed and cancelled in accordance with such terms and conditions as may be determined by the Authority with the approval of the Minister given with the concurrence of the Minister in charge of the subject of
Finance.”.