50.
| (1) Every resolution passed by a Village Council relating to the raising of a loan shall specify the rate of interest which is to be paid on the loan and the purposes to which the money is to be applied, and a copy of the resolution shall be submitted forthwith to the Minister1 for approval. |
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| (2) No loan shall be raised by a Village Council unless the resolution relating thereto has been approved by the Minister with the concurrence of the Minister of Finance. |
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| (3) The Minister's approval of a resolution passed by a Village Council relating to the raising of a loan shall not be necessary if the amount outstanding in respect of all loans already raised by such Council does not exceed the total income received by such Council during the three years immediately preceding the year in which the loan referred to in such resolution is to be raised. |
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Sri Lanka Consolidated Acts