16. Fund of 1he Authority

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Authority shall have its own Fund. There shall be credited to the Fund of the Authority-

(a)

all such sums of money as may be voted from time to time by Parliament for the use of the Authority;

(b)

all sums of money received by the Authority in the exercise, performance and discharge of its powers, duties and functions;

Urban Settlement Development Awhority

(c)

all such sums of money as may be received by the

Authority by way of loans, donations, gifts or grants from any sources whatsoever, whether in or outside

Sri Lanka;

(d)

all revenue derived by the Authority from any property vested in or administered by the Authority;

(e)

all such sums of money collected by the Urban

Development Authority as service charge from the property developers to finance low cost housing programs; and

(j)

all revenue derived by the Authority for services provided by the Authority.

(2)

All sums of money required to defray any expenditure incurred by the Authority in the exercise, performance and discharge of its powers, duties and functions shall be charged on the Fund.

(3)

The initial capital of the Authority shall be five thousand million rupees. The amount of the initial capital shall be paid out of the Consolidated Fund in such installments as the Minister in charge of the subject of

Finance may in consultation with the Minister determine and such sums shall be credited to the Fund established under subsection (1).

Read on from s 17

Part III

Staffofllleauillority

Read on from Part III

Part IV

Acquisition of Immovable and Mov,\ Ble Property and Sale of Lands Belonging to the Authority

Read on from Part IV

Part VI

Recovery of Possession of Flats, Living Actommodation or Any Other Building Belonging to the Alltiiority by the Director General

Read on from Part VI