Sri Lanka Consolidated Acts

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National Savings Bank Act (No. 30 of 1971) - Sect 64

Authority to issue Ceylon Savings Certificates

64.
(1) Where the Monetary Board, under section 63, authorizes a sum of money to be borrowed within Ceylon by the issue of Ceylon Savings Certificates the Bank may, from time to time, borrow moneys not exceeding in the aggregate the sum of money authorized by the Monetary Board, by the issue of savings certificates under this Act.
(2) The Bank may also, when so authorized by the Monetary Board, borrow by the issue of savings certificates under this Act such sums of money as may from time to time be required for the purpose of meeting current demands for the surrender value of savings certificates issued or deemed to have been issued under this Act.
(3) All moneys received by the Bank on the issue of savings certificates shall be paid by it from time to time into the funds of the Bank.


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