23.
| (1) There shall be established for the purposes of this Act a Fund to be called the Tourism Development Fund (hereinafter referred to as "the Fund") which shall be utilized for the development and promotion of tourism in accordance with the provisions hereinafter set out and any regulations which may be made in that behalf. The Fund shall be managed and administered by the Authority. |
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| (2) There shall be paid into the Fund established by subsection (1) -
| | (a) one-third of the sum collected by way of Embarkation Levy in terms of section 2 of the Finance Act, No. 25 of 2003 ;
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| | (b) all such sums of money as are required to be paid into such fund by or under this Act.
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| (3) There shall be paid out of the Fund-
| | (a) all sums of money required to defray any expenditure incurred by any organization or any person in the promotion or development of tourism, in accordance with regulations which may be made in that behalf ; and
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| | (b) all sums of money as are required to be paid out of such Fund.
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| (4) The accounts of the Fund shall be audited in accordance with paragraph (8) of Article 154 of the Constitution. |
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| (5) The report of the Auditor-General on the accounts of the Fund shall be placed before Parliament by the Minister. |
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Sri Lanka Consolidated Acts