Urban Settlement Development Authority Act 2008 · As enacted · Part II
18. Borrowing powers
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Board may, with the consentoftheMinister 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 the obligations of the Authority or discharging its duties under this Act:
Provided that the aggregate of the amounts outstanding in respect of temporary loans raised by the Board under this subsection shall not at any time exceed such sum as may be determined by the Minister in consultation with the Minister in charge of the subject of Finance.
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 the provision of the working capital of the Authority, otherwise than by way of temporary loan under subsection (l) by the issue of debentures. The debentures so created and issued shall be referred to as "Urban
Settlement Development Authority Debentures".
The Urban Settlement Development Authority
Debentures shall be issued, transferred. dealt with. redeemed and cancelled in accordance with such terms as may be determined by the Board with the approval of the Minister given with the concurrence of the Minister in charge of the subject of Finance.
The Minister in charge of the subject ofFinance shall guarantee the repayment of the principal and the payment of the interest on. any sum due on debentures issued or loans raised by the Authority.
Part III
Staffofllleauillority
Part IV
Acquisition of Immovable and Mov,\ Ble Property and Sale of Lands Belonging to the Authority
Part VI