Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Insurance Corporation Act (No. 2 of 1961) - Sect 18

The Fund of the Corporation

18.
(1) The Corporation shall have its own Fund.
(2) There shall be paid into the Fund of the Corporation-
(a) the sum paid to the Corporation under section 17,
(b) all sums of money transferred to the Corporation under section 9 or section 14,
(c) all sums received by the Corporation as premiums in respect of the policies issued by the Corporation or transferred to the Corporation under this Act, and
(d) all sums of money received by the Corporation in the exercise of its powers, functions and duties under this Act.
(3) There shall be paid out of the Fund of the Corporation-
(a) all sums of money required for the discharge of the liabilities of the Corporation under the policies of insurance issued by the Corporation or transferred to the Corporation under this Act, and
(b) all sums of money required to defray any expenditure incurred by the Corporation in the carrying on of its business or in the exercise of its powers, functions and duties under this Act.


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]