Registered Stock And Securities (Amendment)

Registered Stock And Securities (Amendment)

BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows : –

[9th January
, 1985
Short title.

1. This Act may be cited as the Registered Stock and Securities (Amendment) Act, No. 3 of 1985.

Insertion of new section 30A in Chapter 420.

2. The Registered Stock and Securities Ordinance is hereby amended by the insertion, immediately alter section 30 of the following new section which shall have effect as section 30A, of that Ordinance:-

‘ Manner of dealing with income from investments of Joint Investment Fund.

30A. Where however moneys of any sinking fund are invested by the Joint Investment Fund (hereinafter referred to as the” Fund”) all dividends, interest, bonus and other profits on such investment-

(a) whether already received or accruing to the Fund and constituting the surplus during the period January 1, 1984 to December 31, 1984, after all disbursements in settlement of the deposits of any sinking fund to redeem maturing debt have been made out of the Fund, and

(b) accruing to the Fund on or after January 1, 1985,

shall be paid into the Consolidated Fund.

For the purposes of this section, the” Joint Investment Fund” means the Fund established by the Central Bank in terms of section 106 (2) of the Monetary Law Act, in which moneys of any sinking fund are deposited for investment.