Loan Board (Amendment) Law

Loan Board (Amendment) Law A LAW TO AMEND THE LOAN BOARD ORDINANCE. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows:- Short title. 1. This Law may be cited as the Loan Board (Amendment) Law, No. 33 of 1973. Replacement of section 14 of Chapter 400. 2. Section 14 of the Loan Board Ordinance, hereinafter referred to as the ” principal enactment “, is hereby repealed and the following new section is substituted therefor:- ‘Duty of Board to keep books of account. 14. (1) The Commissioners of the Loan Board shall from time to time order and direct a book or books to be kept, in which shall be entered true and regular accounts in respect of each financial year, of all sums of money received, paid and expended by the Loan Board, or. due to the Loan Board, and of the several articles, matters and things in respect of which sums of money shall have been disbursed, in such form and manner as may be prescribed by the rules and regulations made in that behalf under section 9 of the Ordinance. (2)The financial year of the Loan Board shall be the period of twelve months commencing on the first day of January of each year”. Replacement of section 15 of the principal enactment. 3. Section 15 of the principal enactment is hereby repealed and the following new section is substituted therefor:- “Power of Auditor-General to audit accounts. 15. All accounts of the Loan Board kept under section 14 or otherwise shall be subject to audit by the Auditor-General, who shall have the power at all times, by himself or by any person appointed by him in writing, to inspect all books and documents of accounts, and to call for the production of all mortgage bonds, contracts, vouchers and documents of whatever nature necessary for the verification of such accounts.”. Replacement of section 18 of the principal enactment. 4. Section 18 of the principal enactment is hereby repealed and the following new section is substituted therefor; – Reimbursement of expenses borne by the Government. 18. Out of the aggregate interest due to the Loan Board at the end of each financial year, from the investment-made under section 12. the Commissioners shall pay to the Government of the Republic of Sri Lanka, in respect of each such financial year, a sum equal to the amount for the time being approved by the Minister and the Minister in charge of the subject of Finance as the equivalent of, or the nearest approximation to, the aggregate expenses incurred or borne by that Government in connexion with the management of the affairs of the Board.”.