Sri Lanka Consolidated Acts

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People's Bank Act (No. 29 of 1961) - Sect 20

The Bank to raise money by the issue of debentures for granting medium-term and long-term loans

20.
(1) In addition to the sums lent by the Government under section 15 (1) (b) to the Bank for the purpose of granting long-term or medium-term loans, the Bank may, subject to the provisions of subsection (2) and such regulations as may be made under this Act from time to time, raise, or with the approval of the Minister given with the concurrence of the Minister of Finance request the Monetary Board of the Central Bank of Ceylon to raise on its behalf, any sums by the issue of debentures.
(2) No debentures shall be issued under subsection (1) without the approval of the Minister of Finance given after consultation with the Monetary Board of the Central Bank of Ceylon.
(3) The Monetary Board of the Central Bank of Ceylon shall comply with a request made under sub- section (1) if the issue of the debentures necessary for compliance with that request is approved by the Minister of Finance.

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