10.
| (1) There shall be established a fund called "the Local Government Credit. Councils Fund" (hereinafter referred to as the "Fund") which, shall be administered by the Department. |
|
| (2) There shall be credited to the Fund -
| | (a) the monthly contributions and other recoveries from members of Credit Councils; | | |
| | (b) all moneys that may be voted from the Consolidated fund for the working of Credit Councils; | | |
| | (c) all profits, interest, and dividends earned by Credit Councils; and | | |
| | (d) any other moneys approved by the Director to be credited to the Fund. | | |
|
|
| (3) There, shall be paid out of the Fund
| | (a) loans granted to members; | | |
| | (b) refunds of contributions of members; | | |
| | (c) refunds to the Consolidated Fund; | | |
| | (d) interest on loans and advances from the Consolidated Fund; | | |
| | (e) any sum payable to the Insurance Fund; and | | |
| | (f) any other payments approved by the Director, as being necessary for the purpose of giving effect to the provisions of this Act. | | |
|
|
| (4) Any surplus money in the Fund shall be invested in such manner as the Minister may approve. |
|
|
Sri Lanka Consolidated Acts