Development Finance Corporation of Ceylon (Amendment) Law (No. 12 of 1974)

Sri Lanka Consolidated Acts

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Development Finance Corporation of Ceylon (Amendment) Law (No. 12 of 1974) - Sect 2

Replacement of section 5 of Chapter 165

2. Section 5 of the Development Finance Corporation of Ceylon Act (as amended by Act No. 1 of 1967), hereinafter referred to as the" principal Act" is hereby repealed and the following new section substituted therefor: -

5. In carrying out its purposes, the Corporation may exercise all or any of the following powers: -

	(i) provide finance in the form of long-term or medium-term loans with or without security, or by purchasing or subscribing for shares or other securities, or by acquiring any other interest;

	(ii) underwrite new issues of stocks, shares, bonds, debentures and other securities;

	(iii) guarantee loans from investment sources;

	(iv) nominate a representative of the Corporation to serve on the governing body of any enterprise in which the Corporation has a financial interest;

	(v) make funds available for reinvestment by selling any investments of the Corporation when and as appropriate;

	(vi) borrow funds for the purposes of the business of the Corporation from sources either in Sri Lanka or abroad and give security for any loans obtained;

	(vii) furnish managerial, technical and administrative advice and assist in obtaining managerial, technical and administrative services to private industrial, agricultural and commercial enterprises in Sri Lanka;

	(viii) act as agents for, and administer the funds of, such statutory bodies, corporations, companies or other institutions as the board of directors may consider conducive to the attainment of the purposes of the Corporation;

	(ix) invest idle funds and reserves of the Corporation in appropriate securities;

	(x) acquire, hold, take or give on lease or hire, mortgage, pledge and sell or otherwise dispose of any immovable or movable property;

	(xi) accept, before the date on which it is due, any payment in respect of a loan granted by the Corporation;

	(xii) open deposit accounts with any bank;

	(xiii) draw, accept, or endorse bills of exchange for the purposes of the business of the Corporation;

	(xiv) give any guarantee or indemnity to, and enter into any arrangements with, the Gov-eminent, any local authority, or any body corporate or other person, in order to obtain any rights, concessions and privileges that may seem to the Corporation to be conducive to any object of the Corporation;

	(xv) make appropriate provision for the welfare of employees or ex-employees of the Corporation and of their dependants; and

	(xvi) do all such other things as are incidental or conducive to the attainment of its purposes.".

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