Sri Lanka Consolidated Acts

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Finance Act (No. 38 of 1971) - Sect 17

Subsidies from the Government

17.
(1) A public corporation may be entitled to claim a subsidy from the Government for any year if as a result of any decision of the Government or of any directions issued by the appropriate Minister the governing body of the corporation is prevented from determining during any particular period a pricing policy for the corporation to meet the financial obligations referred to in section 7. Such subsidy shall not in any case exceed an amount which, when added to the revenue for that year, shall enable the corporation to meet the said financial obligations.
(2) Every claim for a subsidy by a public corporation in terms of the preceding provisions of this section shall, not later than a period of three months after the end of the year to which the subsidy relates, be referred,-
(a) In any case where the appropriate Minister is the Minister of Finance, for decision to the appropriate Minister; or
(b) in any case where the appropriate Minister is not the Minister of Finance, for decision to the Minister of Finance through the appropriate Minister who shall make his recommendations on such claim.
(3) The Minister of Finance shall decide on the subsidy to be paid to a public corporation and the manner of such payment.


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