Sri Lanka Consolidated Acts

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Bank of Ceylon (Amendment) Law (No. 10 of 1974) - Sect 7

Replacement of section 10 of the principal enactment

7. Section 10 of the principal enactment is hereby repealed and the following new section substituted therefor: -
10.
(1) The Minister in charge of the subject of Finance shall guarantee the repayment of any sum due to the bank on any loan, overdraft, advance or other accommodation granted by the bank with the approval of such Minister under clause 3 (a) of Part II in the First Schedule hereto.
(2) Any sum required for the fulfilment of a guarantee provided under sub section (1) may, with the approval of the National State Assembly, be paid out of the Consolidated Fund.
(3) Immediately after a guarantee is given under subsection (1), the Minister in charge of the subject of Finance shall lay a statement of the guarantee before the Cabinet of Ministers.
(4) Where any sum is paid out of the Consolidated Fund in fulfilment of a guarantee provided under subsection (1), the Minister in charge of the subject of Finance shall forthwith lay before the National State Assembly a statement that such sum has been paid.".

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