7. The following new sections are hereby inserted immediately after section 12 of the principal enactment and
shall have effect as section 12A and section 12B of that enactment : -
| 12A
| | (1) There shall be established for the
purposes of this Act a Fund, consisting of
money's contributed to such Fund under
subsection (2) of this section, which shall be
administered by the Board.
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| | (2) Notwithstanding anything to the contrary in the Rubber Control Act (Chapter 436), Coconut Development Act, No. 46 of 1971 and the Sri Lanka Tea Board Law, No. 14 of 1975, the Rubber Controller, the Coconut Development Authority and the Sri Lanka Tea Board respectively, shall contribute annually towards the Fund established under subsection (1), such sum of money as shall be determined from time to time by the Minister in consultation with the Minister in charge of the subject of Finance.
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| | (3) The moneys lying to the credit of the Fund shall be utilized for purpose of meeting all expenses incurred by the Board in the carrying out of its duties under this Act, including the payment of remuneration to the appointed members of the Board. | | |
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| Audit of
Accounts of the Fund.
| | 12B.
| | (1) The Board shall, in respect of each calendar year, cause proper books of accounts to be kept of the income and expenditure of the Fund and cause annual statement of accounts to be prepared in such form and containing such particulars as may be prescribed.
| | |
| | (2) The accounts prepared by the Board under subsection (1) shall be submitted to the Auditor-General for purpose of audit, before the lapse of three months from the end of each Calender year.".
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Sri Lanka Consolidated Acts