27.
| (1) The Minister of Finance shall guarantee the repayment of the principal of, and the payment of the interest on, any Petroleum Corporation Stock created and issued under section 26 (1) (b), and may, with the concurrence of the Minister, guarantee the repayment of the principal of, and the payment of the interest on, any Petroleum Corporation Stock created and issued under section 26 (1) (a). |
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| (2) Any sum required for the fulfilment of a guarantee provided under subsection (1) may, with the prior approval of the House of Representatives, be paid out of the Consolidated Fund of Ceylon. |
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| (3) Any sum paid out of the Consolidated Fund of Ceylon in fulfilment of a guarantee provided under subsection (1) shall be repaid, together with interest thereon, at such rate as the Minister of Finance may determine with the concurrence of the Minister, by the Corporation in such manner and over such period as the Minister of Finance may with such concurrence determine. |
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| (4) Immediately after a guarantee is given under subsection (1), the Minister of Finance shall lay a statement of the guarantee before the Senate and the House of Representatives. |
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| (5) Where any sum is paid out of the Consolidated Fund of Ceylon in fulfilment of a guarantee provided under subsection (1), the Minister of Finance shall forthwith lay before the Senate and the House of Representatives a statement that such sum has been so paid. |
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Sri Lanka Consolidated Acts