10. Section 30 of the principal enactment is hereby amended by the repeal of subsection (1) of that section and the substitution therefor, of the following subsection: -
| " (1) The Minister may, with the concurrence of the Minister in charge of the subject of Finance, direct that any loan advanced to any local authority before the commencement of this Ordinance, which is repayable by means of a sinking fund, shall be converted into a loan repayable by instalments of principal and interest, and such loan shall be converted accordingly, and thereupon the security given for the purpose of the repayment of the loan and the interest due in respect thereof before such conversion shall be deemed to have reference to such loan as converted, and shall be enforceable accordingly.". |
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Sri Lanka Consolidated Acts