5. The Monetary Board-
| (a) may appoint such officers and servants as may be required by the Board for exercising its powers, performing its duties and discharging its functions under this Act, fix the salaries and wages of such officers and servants and determine their conditions of service; |
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| (b) shall receive all sums paid under this Act as contributions and surcharges and the income from the investment of moneys of the Fund and shall credit such sums and income to the Fund; |
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| (c) shall have custody of the moneys of the Fund; |
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| (d) shall pay to the persons certified by the Commissioner the benefits to which those persons are entitled under this Act; |
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| (e) may invest such of the moneys of the Fund as are not immediately required for the purposes of this Act in such securities as the Board may consider fit and may sell such securities; |
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| (f) shall maintain a general account in respect of the Fund, and a separate account (in this Act referred to as an individual account) in respect of each member of the Fund; |
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| (g) shall cause the books of accounts relating to the Fund to be balanced as on the thirty-first day of December in each year; |
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| (h) shall cause to be prepared in respect of the Fund for each year a statement of receipts and payments, a statement of income and expenditure, a statement of assets and liabilities, and a statement of investments showing the face value, purchase price, and market value of each of the investments; |
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| (i) shall transmit to the Minister a copy of each of the statements prepared under the preceding paragraph (h) for each year within three months after the thirty-first day of December of that year; |
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| (j) shall notify each member of the Fund, within three months after the thirty-first day of December in each year, the amount lying to the credit of his individual account on that day; |
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| (k) shall deduct from the income from the investment of moneys of the Fund the expenses incurred by the Board and the Commissioner in carrying out the provisions of this Act; and |
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| (l) shall have such other powers and duties in connection with the Fund as may be conferred or imposed on such Board, by Order published in the Gazette, by the Minister with the concurrence of the Minister of Finance. |
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Sri Lanka Consolidated Acts