Sri Lanka Consolidated Acts

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Public Service Mutual Provident Association (Amendment) Act (No. 15 of 1966) - Sect 5

Replacement of section 15 of the principal enactment

5. Section 15 of the principal enactment is hereby repealed and the following new section substituted therefor : -
15.
(1) It shall be lawful for the corporation out of its moneys and funds-
(a) to contribute to any provident fund duly established for the benefit of its employees and to pay gratuities to its employees upon their retirement and to the dependants of employees who have died while in the service of the corporation, and
(b) to grant loans to its employees for-
(2) The sum total of the loans granted by the corporation under paragraph (b) of subsection (1) shall not exceed such maximum as the Secretary to the Treasury may fix from time to time. ".

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