35.
| (1) An Insurance Fund consisting wholly of money or partly of money and partly of the specified crops in which premiums may be paid in respect of insurance policies issued under this Act shall be established. |
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| (2) There shall be credited to the Insurance Fund-
| | (a) all sums paid or recovered as premiums in respect of insurance policies issued under this Act, and as interest on such sums, and | | |
| | (b) all sums granted by way of loan or donation by the Government for the purposes of this Act. | | |
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| (3) Where the amount of the indemnities payable in respect of any season under the insurance policies issued under this Act does not exceed fifteen per centum of the maximum payable under section 25 as indemnities under such policies, such amount shall be paid out of the Insurance Fund. |
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| (4) The amount of any indemnity under an insurance policy issued under this Act shall be paid in cash or in the specified crop to which that policy relates or partly in cash and partly in that specified crop. |
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| (5) The Commissioner may, as often as it is necessary, sell any part of the Insurance Fund which consists of specified crops, and shall credit to such Fund the proceeds of the sale after deducting therefrom the expenses incurred in the sale. |
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| (6) The expenses incurred in the storing of any specified crops received as premiums in respect of insurance policies issued under this Act shall be paid out of the Insurance Fund. |
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| (7) The expenses incurred in the payment by way of commission to insurance agents of such sums as may be determined by the Minister with the concurrence of the Minister of Finance shall be paid out of the Insurance Fund. |
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| (8) Such part of the Insurance Fund as is not required for the purposes of subsection (3) or for the repayment of any loans granted for the purposes of this Act may be applied to any such purpose connected with agriculture as may be determined by the Minister with the concurrence of the Minister of Finance. |
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| (9) The accounts of the Insurance Fund shall be audited annually by the Auditor-General. |
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Sri Lanka Consolidated Acts