Sri Lanka Consolidated Acts

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National Water Supply and Drainage Board Law (No. 2 of 1974) - Sect 81

Government guarantee

81.
(1) The Minister in charge of the subject or Finance may, with the concurrence of the Minister, guarantee the repayment of, and the payment of the interest on, any Sri Lanka Water Supply and Sewerage Stock issued under section 80, or any other loan from any organization or institution in or outside Sri Lanka.
(2) Any sum required for the fulfilment of a guarantee provided under subsection (1) may, with the prior approval of the National State Assembly, be out of the Consolidated Fund.
(3) Any sum paid out of the Consolidated Fund in fulfilment of a guarantee provided under subsection (1) shall be repaid, together with interest thereon at such rate as the Minister in charge of the subject of Finance may determine with the concurrence of the Minister, by the Board in such manner and over such period as the Minister in charge of the subject of Finance may with such concurrence determine.


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