2. The following new section is hereby inserted immediately after section 28 of the Motor Transport Act, No. 48 of 1957 (hereinafter referred to as the " principal enactment ") and shall have effect as section 28A of that enactment:-
| 28A.
| | (1) The Minister in charge of the subject of Finance may. on application made in that behalf by the Ceylon Trans-port Board with the approval of the Minister, authorize the conversion into a grant of any sum borrowed by the Board from the Government on or before December 31. 1974, under section 28. Such conversion may be authorized to be made with effect from the date on which such sum was borrowed or from such date thereafter as may be determined by the Minister. | | |
| | (2) The aggregate of the sums converted into grants under subsection (1) shall be deemed to be the initial capital of the Ceylon Transport Board". | | |
|
|
|
Sri Lanka Consolidated Acts