Sri Lanka Consolidated Acts

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Ceiling on Housing Property Law (No. 1 of 1973) - Sect 28

Manner and mode of payment

28.
(1) The amount payable as the price of any house vested in the Commissioner under this Law shall be paid in cash and bonds issued by the Central Bank of Ceylon in such proportion as may be determined by the Minister with the concurrence of the Minister in charge of the subject of Finance.
(2) The following provisions shall apply to the bonds issued under subsection (1): -
(a) such bonds shall be of twenty-five years duration and shall carry five per centum interest;
(b) the holder of the bonds shall be entitled to surrender them before maturity with the approval of the Minister for the following purposes: -
(i) the construction of residential buildings;
(ii) the payment of taxes of whatever kind due to the State;
(iii) relief of extreme personal hardship; and
(iv) such other purposes as may be specified by regulations under this Law.

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