16.
| (1) The governing body of a public corporation may, subject to the provisions of sub-sections (2), (3) and (4), borrow by way of overdraft or otherwise or negotiate and obtain on credit terms in Ceylon or abroad, such sums as that body may require for meeting the obligations of the corporation or carrying out its objects. |
|
| (2) The governing body of a public corporation shall not exercise the borrowing powers conferred on it by sub-section (1), except,-
| | (a) in any case where the appropriate Minister is the Minister of Finance, with the concurrence of the appropriate Minister, or in accordance with the terms of any general authority given with the concurrence of the appropriate Minister; or | | |
| | (b) in any case where the appropriate Minister is not the Minister of Finance, with the concurrence of both the appropriate Minister and the Minister of Finance, or in terms of a general authority given with like concurrence. | | |
|
|
| (3) The aggregate of the amounts outstanding in respect of any borrowings by the governing body of a public corporation under the preceding provisions of this section shall not at any time exceed,-
| | (a) in any case where the appropriate Minister is the Minister of Finance, such sum as may be determined by him; or | | |
| | (b) in any case where the appropriate Minister is not the Minister of Finance, such sum as may be determined by the appropriate Minister with the concurrence of the Minister of Finance. | | |
|
|
| (4) Where any liability in respect of foreign exchange will be incurred if the governing body of a public corporation exercises the borrowing powers conferred on it by sub-section (1), then, such body shall not exercise such powers without the prior concurrence of the Minister of Planning. |
|
|
Sri Lanka Consolidated Acts