Sri Lanka Consolidated Acts

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Code Of Intellectual Property Act (No. 52 of 1979) - Sect 185

Fund

185.
(1) For the purposes of this Code there shall be established a Fund which shall be maintained in such manner as the Secretary to the Ministry of the Minister in charge of the subject of Trade and the Registrar may direct.
(2) There shall be paid into the Fund two thirds of each and every fee or charge prescribed, levied or recoverable under this Code by the Registrar.
(3) The balance one-third of each and every such fee or charge prescribed, levied or recoverable under this Code by the Registrar shall be paid into the Consolidated Fund.
(4) There shall be paid out of the Fund referred to in subsection (1) ail sums of money required to defray any expenditure Incurred by the Registrar in the exercise, discharge and performance of his powers, functions and duties under this Code and all such sums of money as are required to be paid out of such Fund by or under this Code or any regulation made thereunder.
(5) The Secretary to the Ministry in charge of the subject of Trade shall as soon as possible after the end of each calendar year prepare a report on the administration of the Fund and shall cause to be maintained a full and appropriate account of the Fund in respect of each calendar year.
(6) The Auditor-General shall audit the accounts of the Fund.
(7) The financial year of the Fund shall be the calendar year.


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