7. Insertion of new section 12A and 12B in the principal enactment

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

The following new sections are hereby inserted immediately after section 12 of the principal enactment and shall have effect as section 12A and section 12B of that enactment :—

12A. (1) There shall be established for the purposes of this Act a Fund, consisting of money’s contributed to such Fund under subsection (2) of this section, which shall be administerd by the Board.

(2)

Notwithstanding anything to the contrary in the Rubber Control Act (Chapter 436), Coconut Development Act, No. 46 of 1971

and the Sri Lanka Tea Board Law, No. 14 of 1975, the Rubber Controller, the Coconut

Development Authority and the Sri Lanka Tea

Board respectively, shall contribute annually towards the Fund established under subsection (1), such sum of money as shall be determined from time to time by the Minister in consultation with the Minister in charge of the subject of

Finance.

“Establishment of a Fund.

Tea and Rubber Estates (Control of Fragmentation)

(3)

The moneys lying to the credit of the

Fund shall be utilized for purpose of meeting all expenses incurred by the Board in the carrying out of its duties under this Act, including the payment of remuneration to the appointed members of the Board.

12B. (1) The Board shall, in respect of each calendar year, cause proper books of accounts to be kept of the income and expenditure of the

Fund and cause annual statement of accounts to be prepared in such form and containing such particulars as may be prescribed.

(2)

The accounts prepared by the Board under subsection (1) shall be submitted to the

Auditor-General for purpose of audit, before the lapse of three months from the end of each

Calender year.”.

Read on from s 8