53.
| (1) There shall be established a fund called the " National Apprentice and Industrial Training Fund", (hereinafter in this Act referred to as " the Fund ") which shall consist of
| | (a) such contributions from the consolidated Fund as may be authorized by any Appropriation Act or by resolution of the Parliament; | | |
| | (b) all sums paid or recovered as training fees under this Act; | | |
| | (c) grants or voluntary contributions from other sources ; and | | |
| | (d) borrowings from banks or other sources. | | |
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| (2) There shall be paid out of the Fund
| | (a) approved expenditure incurred by employers under the provisions of this Part of this Act in respect of training provided; and | | |
| | (b) other expenditure necessary for the purpose of carrying out the objects of the Authority and the exercise, discharge and performance of its powers, functions and duties. | | |
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| (3) Any expenditure determined by the Minister on the advice of the Authority as necessary for the provision of training under this Part of this Act, shall be deemed to be approved expenditure for the purpose of the provisions of subsection (2). |
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Sri Lanka Consolidated Acts