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| Credit Councils (Repeal) |
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AN ACT TO REPEAL THE CREDIT COUNCILS LAW, No. 23 OF 1975; AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO
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BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :
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[23rd September
, 1986 ]
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Short title date of operation.
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1. This Act may be cited as the Credit Councils (Repeal) and Act, No. 31 of 1986, and shall be deemed to have come into operation on May 1, 1985.
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Repeal of Law No. 23 of 1975 and savings.
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2.
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(1) The Credit Councils Law, No. 23 of 1975 (hereinafter in this Act referred to as the “Credit’ Councils Law”) is hereby repealed.
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(2) Notwithstanding the repeal of the aforesaid Law
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(a) the department of Credit Councils established by section 2 of the Credit Councils Law shall, for the purpose of winding up the affairs of the department, continue to function until such date as the Minister may, by Order published in the Gazette, appoint;
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(b) loans granted by a Credit Council and remaining unpaid on the date of coming into operation of this Act shall be recovered by the head of the department for which that Credit Council was established and the head of every Government department is hereby empowered to recover loans granted by the Credit Council which was established for the department and remaining unpaid on the date of coming into operation of this Act, together with the interest payable thereon, and to credit the same to the Consolidated Fund;
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(c) the liabilities of the department of Credit Councils established by section 2 of the Credit Councils Law and subsisting on the date on which this Act comes into operation shall be deemed to have been transferred to the Consolidated Fund with effect from that date ;
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(d) all moneys lying to the credit of the Central Fund of the department of Credit Councils set up by section 7 of the Credit Councils Law on the date of coming into operation of this Act. and all moneys lying to the credit of every local fund of a Credit Council maintained under section 8 of the Credit Councils Law on the date of coming into operation of this Act, in any bank, shall stand transferred to the Consolidated Fund and every such bank is hereby empowered and authorized to credit to the Consolidated Fund, such moneys;
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(e)
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(i) all contributions made to a Credit Council under section 10 of the Credit Councils Law by a member who ceases to be employed in the public service on or before December 31, .1985, shall be refunded to such member or his legal representative together with dividends thereon by the Ministry of Public Administration;
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(ii) all contributions made to a Credit Council under section 10 of the Credit Councils Law by a member who continues to be in the public service on or after January 1, 1986, shall be refunded to such member or his legal representative together with dividends thereon as soon as practicable after the coming into operation of this Act by the head of the department for which such Credit Council was established.
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(iii) all refunds made under this section shall be charged on the Consolidated Fund.
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