Sri Lanka Consolidated Acts

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Local Loans and Development (Amendment) Law (No. 9 of 1974) - Sect 4

Replacement of section 6 of the principal enactment

4. Section 6 of the principal enactment is hereby repealed and the following section is substituted therefor:-
6.
(1) The commissioners may, with the consent of the Minister, given with the concurrence of the Minister in charge of the subject of Finance, obtain loans from-
(a) the Consolidated Fund; or
(b) any commercial bank; or
(c) any Government-sponsored lending institution; or
(d) any local authority, upon such terms as to the mode and time of payment and to the interest payable thereon as the Minister may, with like concurrence, determine.
(2) The total amount of the loans obtained under subsection (1) shall not exceed such limit as the Minister may, with the concurrence of the Minister in charge of the subject of Finance, fix from time to time.".


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