22.
| (1) The Board of Directors may, with the consent of the Minister or in accordance with the terms of any general authority given by him, borrow temporarily by way of overdraft or otherwise, such sums as such Board may require for meeting the obligations of the Corporation: Provided that the aggregate of the amounts outstanding in respect of any temporary loans raised by the Board of Directors under this sub-section shall not at any time exceed such sums as may be determined by the Minister in consultation with the Minister of Finance. |
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| (2) The Board of Directors may, with the consent of the Minister given with the concurrence of the Minister of Finance, borrow money, otherwise than by way of a temporary loan under sub-section (1), for all or any of the following purposes:
| | (a) the provision of working capital; | | |
| | (b) the provision of money for meeting any expenses incurred in connection with any permanent work or other thing the cost of which is properly chargeable to capital; | | |
| | (c) the provision of money required for the payment of any compensation under this Act which is payable in cash by the Corporation; | | |
| | (d) the redemption of any loan raised by the Board of Directors; | | |
| | (e) any other purpose for which capital moneys are properly applicable, including the repayment of any money temporarily borrowed under sub-section (1). | | |
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| (3) The Board of Directors may, with the consent of the Minister given with the concurrence of the Minister of Finance, borrow money for any of the purposes mentioned in sub-section (2) by way of loans from the Government, or in any other manner whatsoever. |
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Sri Lanka Consolidated Acts