33. Section 20H of the principal enactment is hereby amended as follows :-
| (1) in subsection (1) of that section by the substitution for the words (hereinafter referred to as "the management fund") to the end of that section of the following :- |
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| (2) by the insertion immediately after subsection (1) of that section of the following subsection :-
| | "(1A) There shall be paid out of the management fund of the corporation all such sums of money required to defray any expenditure incurred by the corporation in the exercise, discharge and performance of its powers, functions and duties, subject to the limitation specified in this Law:'. | | |
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| (3) by the repeal of subsection (2) of that section and the substitution therefor of the following :-
| | "(2) The management corporation may by a unanimous resolution or by a general resolution and with the concurrence of the Condominium Management Authority, invest as it thinks fit any moneys of the management fund : | | |
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| (4) by the repeal of subsection (3) of that section and the substitution therefor of the following :-
| | "(3) For the purposes of establishing and maintaining the management fund, the management corporation for the purposes mentioned in subsection (1) may, at a general meeting-
| | | (a) determine from time to time the amounts to be raised as contributions ; |
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| (5) by the insertion immediately after subsection (3) of that section of the following subsection :-
| | (3A) The management corporation shall establish a sinking Fund, (hereinafter referred to as the sinking Fund) as part of the management fund for the emergency expenses of any major repair to the common elements or discharge any other similar obligation of the corporation and shall-
| | | (a) from time to time at any general meeting determine the amounts to be set aside to the sinking fund ; |
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| (6) in subsections (4), (5) and (6) of that section by the substitution for the word "unit" of the words "condominium parcel". |
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Sri Lanka Consolidated Acts