Sri Lanka Consolidated Acts

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Finance Act (No. 65 of 1961) - Sect 19

Issue of National Development Bonds to persons who have paid moneys under section 18(2)

19.
(1) The Commissioner shall upon receipt of the amount paid by any individual under subsection (2) of section 18 notify the Secretary to the Treasury of the fact of such payment and the Secretary to the Treasury shall cause National Development Bonds carrying interest at five per centum to be issued to such individual. Such bonds shall not be negotiable by the holder thereof except for the purpose of investment in an undertaking approved by the Minister and notified in the Gazette:
(2) For the purposes of subsection (1), each of the following items of expenditure shall be deemed to be an investment in an undertaking approved by the Minister: -
(a) any of the following items of expenditure to which an individual to whom this Part applies was committed on any date prior to the relevant date: -
(i) cost of acquisition or construction of, or improvements to, immovable property;
(ii) all investment expenditure;
(iii) life, accident and health insurance premia and premia for the purchase of an annuity;
(iv) expenditure incurred in repaying any money borrowed where such money has been invested;
(b) an investment by an individual in the purchase or construction of a house for his residence provided that he does not own a house at the time of such purchase or construction; or
(c) any premia paid in respect of life insurance policies.

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