Credit Councils (Amendment) Act (No. 38 of 1981)

Sri Lanka Consolidated Acts

Amendment of section 7 of the principal enactment

6. Section 7 of the principal enactment is hereby amended as follows:"

(1) by the repeal of subsection (1) thereof and the substitution therefor of the following subsection:"

"(1) There shall be a Central Fund administered by the Department of Credit Councils to which shall be credited"

(a) the monthly contributions of the members of Credit Councils ;

(b) all moneys voted from the Consolidated Fund for the working of Credit Councils;

(d) interest from loans granted to the members; and

(e) any other moneys approved by the Director of Credit Councils. "; and

(2) by the addition, immediately after subsection (2) of that section, of the following new subsection:"

	"(3) Any surplus money in the Central Fund shall be invested in such manner as the Minister may approve. ".