Development Finance Corporation Of Ceylon (Amendment) Act (No. 42 of 1982)

Sri Lanka Consolidated Acts

Amendment of section 5 of the principal enactment. [ 3, 42 of 1982]

3. Section 5 of the principal enactment is hereby amended as follows :

(1) by the substitution, for paragraph(vii) of that section of the following paragraph:

	" (vii) to provide such services as managerial, technical and administrative advice and merchant banking services and assist in obtaining managerial, technical, administrative and merchant banking services to private industrial, agricultural and commercial enterprises in Sri Lanka;".

(2) by the renumbering of paragraphs (xv) and (xvi) of that section as paragraphs (xxi) and (xxii) respectively; and

(3) by the insertion, immediately after paragraph (xiv) of that section of the following new paragraphs :

	" (xv) to issue debentures and to accept fixed deposits from any person in such amounts and for such periods as may be determined by the Board of Directors;

	(xvi) to establish subsidiary companies to assist it in carrying out its purposes and exercising and performing its powers and duties;

	(xvii) to participate in loans, equities, underwriting arrangements and guarantees with approved credit institutions;

	(xviii) to lease, let on hire, sell outright, or sell on a hire-purchase basis warehouses, go downs, stores and buildings, machinery, equipment and other goods;

	(xix) to convert a part or whole of its loans to industrial, agricultural or commercial enterprises and its subscriptions to bonds or debentures issued by any such enterprise into equity capital;

	(xx) to receive, in consideration of the functions the Corporation may be performing, such commission, brokerage, interest, remuneration or fees, as the Board of Directors may, from time to time, determine;".