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As enacted
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Part III · Fund and the Finances of the Institute

16. Fund of the Institute

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

(1)

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

(2)

There shall be paid into the Fund—

(a)

all sums of money as may be voted from time to time by Parliament for the use of the Institute and any funds provided to the Institute by the

Government by way of grant, loan or otherwise;

(b)

the proceeds of any cess levied and collected under this Act;

(c)

all sums that may be received by the Institute by way of fees and charges;

(d)

all sums that may be received by the Institute as income from any investments made by the

Institute;

(e)

all sums that may be received by the Institute in exercise, performance and discharge of its powers, duties and functions; and

(f)

all sums as may be received by the Institute by way of loans, donations, gifts or grants from any source whatsoever whether from Sri Lanka or outside Sri Lanka.

(3)

There shall be paid out of the Fund—

(a)

the remuneration payable to the members of the

Governing Council as may be determined by the

Minister with the concurrence of the Minister in charge of the subject of Finance;

(b)

the salaries, allowances and such other fees or payments payable to lecturers, consultants, experts, officers, servants and employees of the Institute;

and

(c)

all sums as are required to defray any expenditure incurred by the Institute in the exercise, performance and discharge of its powers, duties and functions under this Act.

Read on from s 17

Part IV

General

Read on from Part IV