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PUBLIC WORKS LOAN (1937)
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AN ORDINANCE TO AUTHORIZE A SUM OF ONE HUNDRED MILLION RUPEES TO BE RAISED BY WAY OF LOAN FOR THE CONSTRUCTION OF CERTAIN PUBLIC WORKS AND FOR OTHER PURPOSES.
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| Ordinance Nos, |
| 5 of 1937 |
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| 6 of 1937 |
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| 52 of 1944 |
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[18th March
, 1937 ]
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Short title.
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1. This Ordinance may be cited as the Public Works Loan (1937) Ordinance.
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2. The Governor is hereby authorized to raise by way of loan a sum not exceeding one hundred million rupees for the purposes mentioned in the first column of the Schedule.
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Method of raising loan.
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3. The loan or any part of the loan authorized by this Ordinance may be raised at such time or times as the Governor may determine under the General Loan and Stock Ordinance, or under any other enactment which may hereafter be enacted to make provision for the creation and issue of registered stock, Government promissory notes and bearer bonds for the purpose of , raising loans in Ceylon.
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Authority to raise additional sums for incidental expenses, &c.
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4. In addition to the sum specified in section 2, the Governor is hereby authorized to raise in the manner prescribed in section 3 such further sums as may be necessary for the purpose-
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(a) of defraying the expenses incurred in raising the loan or any part thereof ; and
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(b) of paying the stamp duty on transfers of such stock as may be issued under the General Loan and Stock Ordinance.
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Determination of sterling equivalent of authorized loan.
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5. For the purpose of determining in sterling currency the amount of any loan or part of a loan authorized by this Ordinance to be raised in rupee currency, one shilling and six pence shall be deemed to be the equivalent of one rupee.
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Appropriation and expenditure.
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6. Save as hereinafter provided, the sums respectively specified in the second column of the Schedule shall, out of any moneys raised under the authority of this Ordinance, be appropriated for the purposes mentioned in the corresponding entries in the first column of that Schedule ; but no expenditure shall at any time be incurred for any purpose mentioned in the first column of the Schedule until such expenditure shall have been authorized by a resolution passed by the State Council and ratified by the Governor :
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Provided that nothing in this section shall apply to any refund to general revenue authorized by section 8.
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Power to vary any appropriation.
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7. It shall be lawful for the Governor-
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(a) to direct that any sum or part of any sum appropriated by section 6 for any purpose mentioned in the Schedule, shall, if it is not required for that purpose, be appropriated and applied to any other purpose whether mentioned in the Schedule or not; and
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(b) whenever any sum or part of any sum appropriated for any purpose under the preceding paragraph is not required for that purpose, to direct that such sum or part of a sum shall be appropriated and applied to any other purpose whether mentioned in the Schedule or not, and in like manner to vary any appropriation so made as often as any part of the moneys raised under the authority of this Ordinance ceases to be required for the purposes to which such moneys have been appropriated by or under this Ordinance :
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Provided, however, that no direction for any such variation of any appropriation shall be given by the Governor under paragraph (a) or paragraph (b) unless such variation shall first have been approved by resolution of the House of Representatives.
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Refund from loan to revenue.
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8. Out of the total sum raised under the authority of this Ordinance, there shall be refunded to the general revenue of Ceylon-
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(a) a sum not exceeding sixteen million rupees in repayment of all sums expended out of the general revenue prior to the 1st day of October, 1936, in respect of any of the items mentioned in the Schedule ; and
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(b) all sums expended out of the general revenue on or after the 1st day of October, 1936, in respect of any of the said items.
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Power to
issue Treasury Bills and to repay expenditure in respect thereof from loan.
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9.
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(1) In anticipation of the raising of any loan or of any part of any loan under the authority of this Ordinance, the Governor may, if he thinks fit, raise such sum as he may deem necessary by the issue of Treasury Bills under the Colonial Treasury Bills Ordinance, or the Local Treasury Bills Ordinance, or under both those Ordinances.
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(2) Every sum raised under this section shall be applied in the manner authorized for the loan or part of the loan in respect of which that sum is raised, and upon the raising of such loan or part of such loan the Governor may-
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(a) expend therefrom such amounts as may from time to time be necessary to meet the liabilities of the Government in respect of the Treasury Bills issued under subsection (1), or
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(b) where such liabilities have been met in the first instance out of the general revenue, refund to the general revenue such sums as may have been expended therefrom for that purpose.
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Date of first contribution to sinking fund of loan issued under Ordinance.
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10. Where the loan or any part of the loan authorized by this Ordinance is issued under the provisions of the General Loan and Stock Ordinance, the date from which contributions to the sinking fund shall commence shall be such date, not later than three years after the date from which interest on such loan may first become payable, as the Governor may determine.
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Exemption from taxes and duties.
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11. The interest payable-
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(a) upon any inscribed stock or debentures issued by authority of this Ordinance under the General Loan and Stock Ordinance, and
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(b) upon any registered stock, promissory notes or bearer bonds issued by authority of this Ordinance under any enactment hereafter to be enacted and held by the Government of any part of Her Majesty’s Realms and Territories (including therein any British protectorate or protected state and any territory in respect of which a mandate on behalf of the League of Nations has been accepted by Her Majesty),
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Schedules
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