As enacted

Contents

Sri Lanka Transport Board Act 2005 · As enacted · Part II · Duties and Powers of the Board

19. Borrowing powers of the Board

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

(1)

the Board may with the consent of the Minister, or in accordance with the terms of any general authority given by him, borrow temporarily, by way of overdraft or otherwise, such sums as the Board may require for meeting its obligations or discharging its duties under this Act:

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

Minister in charge of the subject of Finance.

(2)

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

(a)

the provision of working capital;

(b)

the provision of money for meeting any expenses incurred in connection with any permanent work or other thing the cost of which is properly chargeable to capital;

(c)

the provision of any money required for the purpose of paying any compensation under this Act which is payable in cash by the Board;

(d)

the redemption of any loan raised by the Board;

(e)

any other purpose for which capital moneys are properly applicable, including the repayment of any money temporarily borrowed under subsection (1).

(3)

The Board may, with the consent of the Minister given with the concurrence of the Minister in charge of the subject of Finance, borrow money for any of the purposes mentioned in subsection (1) in any manner, as the Board considers fit in the circumstance.

Read on from s 20

Part III