10. Local Govern-ment Credit Councils Fund,

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

(1)

There shall be established a fund called “the

Local Government Credit Councils Fund” (hereinafter referred to as the “Fund”) which shall be administered by the Department.

3—A T1194 (83/06)

(2)

There shall be credited to the Fund—

(a)

the monthly contributions and other recoveries from members of Credit Councils

;

(b)

all moneys that may be voted from the Consolidated

Fund for the working of Credit Councils ;

(c)

all profits, interest, and dividends earned by Credit

Councils

; and

| (d) any other moneys approved by the Director to be credited to the Fund.

(3)

There shall be paid out of the Fund—

(a)

loans granted to members

;

(b)

refunds of contributions of members

;

(c)

refunds to the Consolidated Fund

;

(d)

interest on’ loans and advances from the Consoli-dated Fund

;

(e)

any sum payable to the Insurance Fund

; and

(f)

any other payments approved by the Director, as being necessary for the purpose of giving effect to the provisions of this Act.

(4)

Any surplus money in the Fund shall be invested in such manner as the Minister may approve.

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