As enacted

Contents

National Insurance Trust Fund Act 2006 · As enacted · Part I · Establishement of National Insurance Trust Fund

13. Powers and duties of the Board

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

In giving effect to the principles and provisions of this Act, the Board—

(a)

shall charge and receive all sums paid under this

Act as contributions by the Government, officers of the public service and provincial public service and pensioners of public service and provincial public service Samurdhi beneficiaries, farmers, fishermen and self-employees and other needy persons or groups of persons, and any income from the investment of moneys of the Fund and shall cause such sums to be credited to the Fund;

(b)

shall have custody of the moneys of the Fund;

(c)

shall pay to the persons entitled to benefits under this Act, such amounts as are due in terms of any prescribed schemes ;

(d)

may invest such of the moneys of the Fund as are not immediately required for the purposes of this

Act in Government Bonds or Government Securities or in shares of any company incorporated primarily to build or upgrade dedicated wards for the provision of facilities envisaged in terms hereof;

(e)

shall maintain a general account in respect of the

Fund and separate individual accounts in respect of each member of the Fund;

(f)

shall cause the books of accounts relating to the

Fund to be balanced as on the thirty-first day of

December in each year;

(g)

shall cause to be prepared in respect of the Fund for every financial year, a statement of receipts and payments, a statement of income and expenditure, a statement of assets and liabilities and a statement of investments showing the face value, purchase price and market value of each of the investments;

(h)

shall transmit to the Minister a copy of each of the statements prepared under paragraph (g) in respect of each year before the thirtieth day of September of the succeeding year;

(i)

shall deduct from the income received from the investment of moneys of the Fund in respect of each year, the expenses incurred in that year by the Board in the implemention of the provisions of this Act;

(j)

shall have such other powers and duties in connection with the Fund, not inconsistent with this

Act as are necessary for the implementation of the above.

Read on from s 14

Part II

Staff of the Board

Read on from Part II

Part III

Miscellaneous

Read on from Part III