National Authority On Teacher Education Act (No. 32 of 1997)

Sri Lanka Consolidated Acts

Fund of the Authority

17.

(1) The Authority shall have its own fund.

(2) There shall be credited to the fund of Authority-

	(a) all such sums of money as may he voted from time to time by Parliament for the use of the Authority ;

	(b) all such sums of money as may be received by the Authority in the exercise and discharge of its powers, and functions; and

	(c) all such sum of money as may be received by the Authority by way of loans, interest on investments, donations, gifts or grants from any source whatsoever and fees charged for services rendered or facilities provided, by the Authority.

(3) There shall be paid out of the fund of the Authority":

	(a) all such sums of money as are required to defray any expenditure incurred by the Authority in the exercise, and discharge of its powers and functions under this Act; and

	(b) all such sums of money as are required to be paid out of the fund, by or under this Act.

(4) All Monies belonging to the fund shall be deposited in such bank or banks or invested in such manner as may be decided by the Council.