179.
| (1) The amount at any time outstanding in respect of all loans due from Pradeshiya Sabha (whether raised under the authority of this Act or any other written law shall not exceed in the aggregate ten times the fair average annual income received by the Pradeshiya Sabha from all rates and taxes, properties and other sources of income for the preceding five years, or in the case of a Pradeshiya Sabha which has not been in existence for five years, two times its income for one yea : as appraised by the Pradeshiya Sabha subject to the approval of the Minister. |
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| (2) All securities given in respect of loans under this Part shall be free of stamp duty. |
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Sri Lanka Consolidated Acts