Housing Development Finance Corporation of Sri Lanka Act 1997 · As enacted · Part IV · Finance
17. Contributions to the Fund
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Every institution sect out in Column I hereunder shall, within five years of the appointed date, contribute to the capital of the Corporation, an amount equal to the amount specified in the corresponding entry in column II hereunder—
Column!
Column IT
Sevana Fund
Sevana Fund
“Sevana Fund” means the Fund established under section 5 of the National Housing Development Authority Act…
Five hundred million rupees in cash.
National Housing Develop-One hundred million ment Authority rupees in cash
Employees Trust Fund
Employees Trust Fund
“Employees Trust Fund ” means the Employees Trust Fund established by the Employees Trust Fund Act…
Fifty miltion rupees in cash.
The National Savings Bank may within one year of the appointed date contribute to the capital of the Corporation an amount not exceeding one hundred million rupees in cash.
National Savings Bank
“National Savings Bank” means the National Savings Bank - eslablished by the National Savings Bank Act…
Pe Ee
Housing Development Finance Corporation of 13
Upon the members of the building society registered under the National Housing Act (Chapter 401) as the Housing
Development Finance Corporation of Sri Lanka Ltd, resolving to transfer its assets and liabilities to the Corporation, every person who held shares in the Housing Development Finance
Corporation of Sri Lanka Lid., on the day preceding the date of the resolution, shall be allotted shares in the Corporation equal to the value of the shares held by him on that day in the
Housing Development Finance Corporation of Sri Lanka Ltd.
The balance of the shares referred to in subsection (2)
of section 16, after the allotments made under subsection (2)
- Of this section, shall be offered for sale to the public in such manner as may be determined by the Board.
After the sale of shares to the public, under subsection (3) is completed, the Corporation shall repay to the institutions referréd to in subsection (1), the respective contributions made by such institutions under that subsection to the capital of the
Corporation.
The Corporation shall notatlot any shares, or register any shares—
in the name of any company, incorporated body or an individual if such allotment or registration would result in such company, incorporated body or individual owning more than fiftecn per centum, of the total issued share capital of the Corporation ;
in the name of a company and any one or more of the following :—
any of its subsidiaries ;
its holding company ;
a subsidiary of its holding company ; or
a company, in which such company or its subsidiary or its holding company or a subsidiary of its holding company, has a substantial interest, if such allotment or registration would result in such company and one or more of the persons referred to in subparagraphs (i), (ii), Giii) and (iv) owning, in the aggregate, more than fifteen per centum, of the total issued share capital of the
Corporation —
in the name of an individual and of any one or more of the following :—
his close relations ;
a company in which he has a substantial interest or in which his close relation has a substantial interest
;
the subsidiary of a company referred to in sub-paragraph (ii) ;
a holding company of a company referred to in sub-paragraph (it) ;
asubsidiary of a holding company of a company referred to in sub-paragraph (ii) ;
a company in which a company referred to in sub-paragraph (ii) or its subsidiary or its holding company or a subsidiary of its holding company has a substantial interest ; or ae oo
an incorporated body other than a company in which such individual or his close relation has a substantial interest, if suchAlloumcnt or registration would result in such individual and ore or more of the persans referred to in sub-paragraphs (i), (ii), (iii), (iv), (v), (vi) and (vii) owning, in the aggregate, more than fiftecn per centum of the total issued share capital of the Corporation.
Housing Development Finance Corporation of
A company or individual shall be deemed to have a substantial interest in a company or incorporated body other than a company within the meaning of this subsection where such company or individual owns more than fifty-one per centum of the shares in such company or incorporated body, as the case may be.
For the purpose of subsection (1) —
“close relation” in relation toa person, means a parent,
Spouse, or child of that person or the spouse of a child of that person ;
“subsidiary” has the same mcaning as in the Banking
Act, No. 30 of 1988.