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Part VIII · Statutory Funds

39. Powers of the Secretary to the Treasury on statutory funds

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

(1)

The Secretary to the Treasury shall supervise, examine, and monitor all statutory funds and may issue directives on statutory funds in respect of which any other written law does not provide for such matters.

(2)

The Secretary to the Treasury shall submit a report on the performance of statutory funds to the Cabinet of

Ministers, at least once in every year.

(3)

Every statutory fund shall –

(a)

comply with any directive issued by the Secretary to the Treasury in exercising the powers, duties, and functions under this Act and any other written law;

(b)

(i)

submit draft annual budget estimates endorsed by the Chief Accounting Officer of the statutory fund and the relevant Minister to the Secretary to the Treasury for approval;

(ii)

prepare their budget proposals in line with the provisions of the budget call circular issued by the Secretary to the Treasury if any statutory fund is funded by annual budget;

(c)

submit regular reports on its performance to the

Secretary to the Treasury as may be prescribed; and

(d)

submit other information as may be required in writing by the Secretary to the Treasury.

(4)

Any non statutory fund shall cease its operations from the date of coming into operation of this Act and shall be dissolved within one year from such date and the moneys lying to the credit of such fund shall be remitted to the

Consolidated Fund after discharging the liabilities of such fund:

Provided however, where the Minister of Finance in consultation with the Secretary to the Treasury, determines that such a non-statutory fund shall continue in operation, such fund shall be converted to a statutory fund as may be prescribed.

Part IX

Public Investment Management

Read on from Part IX

Part X

Government Borrowings and Guarantees

Read on from Part X

Part XI

Accounting and Reporting

Read on from Part XI

Part XII

State Owned Enterprises

Read on from Part XII

Part XIII

Provincial Councils and Local Authorities

Read on from Part XIII

Part XIV

Cadre Management

Read on from Part XIV

Part XV

Offences and Penalties

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Part XVII

Repeals

Read on from Part XVII

Part XVIII

Interpretation

Read on from Part XVIII