21.
| (1) The Minister in charge of the subject of Finance may give guarantees in respect of loans raised by a Provincial Council. |
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| (2) Immediately after a guarantee is given under sub section (1), the Minister in charge of the subject of Finance shall, lay a. statement of such guarantee before Parliament. |
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| (3) Any sum required for the fulfilment of ,a guarantee given under subsection (1) shall be paid out of the Consolidated Fund of Sri Lanka. |
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| (4) Any sum paid out of the Consolidated Fund of Sri Lanka in fulfilment of a guarantee given under subsection (I) , shall be repaid, together with interest thereon, at such rate as may be determined by the Minister in charge of the subject of Finance, by the Provincial Council, in such manner and over such period, as the Minister in charge of the subject of Finance may determine. |
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| (5) A Provincial Council may not, without the consent of the Minister in charge of the subject of Finance, raise any loan if there is still outstanding any part of a loan which has been made in respect of a Provincial Council out of the Consolidated Fund of Sri Lanka or in respect of which a guarantee has been given under subsection (1). |
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Sri Lanka Consolidated Acts