178.
| (1) It shall be lawful for a Pradeshiya Sabha subject to the approval of the Minister, to borrow from the Sri Lanka Government, or a any person or person or body of persons, whether incorporated or not, such sum or sums of money as may be necessary for any of the purpose of the Pradeshiya Sabha : |
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| (2) Every loan raised by a Pradeshiya Sabha shall be subject to such rate of interest and to such conditions for the payment thereof as may, where that loan raised with the approval of the Minister, be approved by the Minister and in any other case, be determined by the Pradeshiya Sabha. |
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| (3) For the purpose of securing the payment d the sum or sums borrowed by a Pradeshiya Sabha and the interest accruing thereon, the Pradeshiya Sabha may mortgage and assign to the lender or lender , by or on whose behalf such sum or sums or any part thereof may be lent, the proceeds of any rate or tax levied or imposed under this Act or any portion thereof, or any property belonging to the Pradeshiya Sabha or any other source of income accruing to the Pradeshiya Sabha or any portion thereof. |
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Sri Lanka Consolidated Acts