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srilawsby aturio
As enacted
Contents

Part XI · Finance

61. Fund of the Authority

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

(1)

The Authority shall have its own Fund (hereinafter referred to as “the Fund”).

(2)

The Parliament shall allocate a sum of rupees one hundred million which shall be decided by the Minister from the Consolidated Fund as the initial capital of the Authority and such sum shall be credited to the Fund established under subsection (1) hereof.

(3)

There shall be credited to the Fund –

(a)

all such sums of money as may be voted from time to time by Parliament, for the use of the

Authority;

(b)

all such sums of money received by the Authority in the exercise, performance and discharge of its powers, duties and functions under this Act; and

(c)

all such sums of money as may be received by the Authority by way of income, fees, charges, grants, gifts or donations from any source whatsoever other than from a licencee within or outside Sri Lanka.

(4)

There shall be paid out of the Fund –

(a)

all such sums of money as are required to defray any expenditure incurred by the Authority in the exercise, performance and discharge of its powers, duties and functions under this Act; or

(b)

all such sums of money as are required to be paid out of the Fund by or under this Act.

(5)

The Authority shall make rules regarding the payment of money out of the Fund.

(6)

The net profit of the Authority at the end of each financial year, after retaining with the approval of the Minister an amount required for increased capital requirement of the

Authority for the next immediate financial year, shall be credited to the Consolidated Fund.

Read on from s 62

Part XII

General

Read on from Part XII

Part XIII

Transitional Provisions

Read on from Part XIII

Schedules