As enacted

Contents

Act of Parliament · As enacted

Foreign Loans (Amendment) Act 1980

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

Official translation, read from a scanFrom Department of Government Printing's scanned PDF, read by OCR; may contain errors

s 1Short title

This Act may be cited as the Foreign Loans

(Amendment) Act, No. 23 of 1980.

s 2Replacement of long title to Act No. 29 of 1957

The long title to the Foreign Loans Act, No. 29 of 1957, (hereinafter referred to as the “ principal enactment ”)

is hereby repealed and the following long title substituted therefor :—

“ An Act to make provision regarding Foreign Loans to the Government of Sri Lanka and for the guarantee by the Government of Sri Lanka of Foreign Loans to

Public Corpora’ions and Public Enterprises. ”.

s 3Replacement of sections 2, 3 and 4 of the principal enactment

Sections 2, 3 and 4 of the principal enactment are hereby repealed and the following sections substituted therefor :—

“ Person

2. The President or any person specially empowered

to sign authorized by him in that behalf may, in the agreements

& c. felat-name and on behalf of the Government of Sri ing to

foreign

Lanka, sign—

loans to the

(a)

an agreement relating to a foreign loan

Government of Sri to the Government of Sri Lanka

;

Lanka and be

(b)

a puarantee by the Government of Sri

Government

Lanka relating to a foreign loan to a of Sri public corporation or public enter-prise ; and

<e) any contract, bond, promissory note or other document required by such agreement or guarantee to be execu-ted by the Government of Sri Lanka.

Sus payable by the

Government of Sri

Lanka under agreements and guarantees tobea

charge on the Conzoli-dated Fund of Sri

Lanka.

Power of

Minister of

Finance to make

Provision to give cffect to an agreement garantec relating toa foreign loan.

Foreign Loans (Amendment)

Act, No. 23 of 1980

3. All sums payable by the Government of

Sri Lanka—

(a)

under an agreement relating to a

‘foreign loan to the. Government of

Sri Lanka

;

(b)

in terms of a guarantee relating toa foreign loan to a public corporation or public enterprise ; and

(c)

under any contract, bond or promis-sory note executed pursuant to such agreement or guarantee, are hereby charged on the Consolidated Fund of Sri Lanka.

(1)

The Minister in charge of the subject of Finance may, by Order published in the

Gazette, make such provision as may be necessary to give effect to an agreement relating to a foreign loan to the Government of Sri Lanka or to a guarantee given by the

Government of Sri Lanka relating to a foreign loan to a public corporation or public enterprise.

(2)

Every Order made and published under subsection (1) shall have the force of law.

(3)

Every Order made and published under subsection (1) shall be pregénted in

Parliament within one month of the making of such Order.”.

s 4Replacement of

Section 5 of the principal enactment is hereby repealed and the following section substituted therefor :—

Inter-pretation

s 5In this Act—

“foreign loan” means a loan in any currency granted to the Goverriment of Sri Lanka or to a public corpora-tion or public enterprise—

(a)

by a foreign Government or the agency of a foreign Govern.

ment, or

Foreign Loans (Amendment)

Act, No. 23 of 1980

(b)

by any international organiza-tion, or ic) by a person os body of persoiis outside Sri Lanka, whethe:

corporate or unincorporate, as may be approved by the

Government of

Sri Lanka generally or in respect of a particular transaction, and includes any sum of money which the Government of Sri Lanka or the public corporation or public enterprise, as the case may be.

undertakes to pay any such foreign

Government, agency, organization, person or body of persons that dis-charges any liability of the Govern-ment of Sri Lanka or the public corporation or public enterprise, as the case may he, in respect of any transaction between the Government of Sri Lanka, public corporation or public enterprise, as the case may be, and any person outside Sri

Lanka

;

“ public corporation” means any corpora-tion, board or other body which was or is established by or under any written law other than the Compa-nies Ordinance, with funds or capital wholly or partly provided by the

Government of Sri Lanka by way of grant, loan or otherwise ;

“public enterprise” means any company which is registered under the Com-panies Ordinance and in which the

Government of Sri Lanka holds not less than fifty per centum of the paid-up capital. ’

Annual subscription of Bills and Laws of the Parliament Rs. 30 (Local),

Rs. 40 (Foreign), payable to the SupeemnrgenpEent, GOVERNMENT PUBLICATIONS

Bursay, P. O. Box 500, Cotomso 1, before 18th December each year in respect of the year following. Late subscriptions will be accepted on the conditions that

Bills and Laws issued before the date of payment will not be supplied.