12. Section 28 of the principal enactment is hereby amended by the repeal of subsection (2) of that section, and the substitution therefor, of the following new subsection-
| " (2) The following provisions shall apply to the bonds referred to in subsection (1): -
| | (a) such bonds shall be of twenty-five years duration and shall carry five per centum, per annum interest; | | |
| | (b) the principal sum represented by each such bond and the interest on such principal sum are hereby charged on, and shall be payable out of, the National Housing Fund established under the National Housing Act; | | |
| | (c) the holder of any such bond may transfer such, bond' by gift inter-vivos or by will, to his spouse or his children and subject as herein provided, such bond shall not be transferable or negotiable; | | |
| | (d) the holder of the bonds shall be entitled to surrender them before maturity with the approval of the Minister for any of the following purposes: -
| | | (i) the construction of residential buildings; |
| (ii) the payment of the capital levy, estate duty, wealth tax or gifts tax; |
| (iii) where the holder is a private company within the meaning of the Companies Ordinance, for the payment of any of the taxes specified in sub-paragraph (ii) payable by any shareholder of such company; |
| (iv) relief of extreme personal hardship; (v) such other prescribed purposes ; |
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| | (e) such bonds shall be issued in such manner and subject to such other terms and conditions as may be prescribed. | | |
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Sri Lanka Consolidated Acts