Sri Lanka Consolidated Acts

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National Transport Commission Act (No. 37 of 1991) - Sect 38

Borrowing powers of the Commission

38.
(1) The Commission may, with the consent of the Minister, or in accordance with the terms of any general authority given by him, borrow temporarily, by way of overdraft or otherwise, such sums as the Commission may require for meeting its obligations or discharging its functions under this Act:
(2) The Commission may. with the consent of the Minister given with the concurrence of the Minster in charge of the subject of Finance, "borrow money otherwise than by way of temporary loan under subsection (1) for all or any of the following purposes :"
(a) the provision of working capital :
(b) the provision of money for meeting any expenses incurred in connection with any permanent work or other thing, the cost of which is properly chargeable to capital;
(c) redemption of; any loan raised by the Commission ; or
(d)) any other purpose for which capital moneys are properly applicable, including the repayment of any money temporarily borrowed under subsection (1).
(3) The Commission may. with the consent of the Minister given with the concurrence of the Minister in charge of the subject of Finance, borrow money for any of the purposes mentioned in subsection (2) in any manner, as the Commission considers fit in the circumstances.


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