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As enacted
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Contents

Part III · Establishment of the Social Security Benefit Fund for Media Personnel

15. Borrowing powers

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

(1)

The Board may with the concurrence of the

Minister and the Minister in charge of the subject of Finance or in accordance with the terms of any authority given with like concurrence, borrow by way of overdraft or otherwise or negotiate and obtain on credit, such sums as the Board may require for meeting the obligations of the Board and for administering and implementing the Benefit Scheme:

Provided that the aggregate of the amounts outstanding in respect of the loans raised by the Board under this subsection shall not at any time, exceed such sums as may be determined by the Minister with the concurrence of the

Minister in charge of the subject of Finance.

(2)

The Board may, with the consent of the Minister in charge of the subject of Finance, borrow money otherwise than by way of loans under subsection (1), for all or any of the following purposes :—

(a)

the requisition or acquisition of any movable or immovable property required for the use of the

Board;

(b)

the repayment of any money borrowed under subsection (1).

Read on from s 16

Part IV

General

Read on from Part IV

Schedules