Sri Lanka Consolidated Acts

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Credit Councils Law (No. 23 of 1975) - Sect 13

Regulations

13.
(1) The Minister may make regulations for the purpose of carrying out or giving effect to the principles and provisions of this Law.
(2) In particular and without prejudice to the generality of the powers conferred by subsection (1), the Minister may make regulations in respect of the following matters: -
(a) any matter required by this Law to be prescribed;
(b) all matters connected with the election of Credit Councils;
(c) all matters connected with the grant of loans to members of Credit Councils and the recovery of such loans;
(d) the administration of the Central Fund and local funds;
(e) the refund of moneys voted from the Consolidated Fund;
(f) the recovery of membership contributions and refund thereof;
(g) the declaration of dividends on membership contributions;
(h) the administration of the Insurance Fund;
(i) the maintenance of accounts of the Central Fund and local funds; and
(j) all matters incidental to or connected with the foregoing provisions of this subsection.
(3) Every regulation made by the Minister shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in the regulation.
(4) Every regulation made by the Minister shall, as soon as convenient after its publication in the Gazette, be brought before the National State Assembly for approval. Any regulation which is not so approved shall be deemed to be rescinded as from the date of disapproval but without prejudice to anything previously done thereunder. Notification of the date on which a regulation is deemed to be rescinded shall be published in the Gazette.

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