Sri Lanka Consolidated Acts

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Sri Lanka Tea Board Law (No. 14 of 1975) - Sect 14

Capital Fund

14.
(1) There shall be established a Bund to be called the " Capital Fund " There shall be credited to the Fund-
(a) the value of any net assets lying, on the appointed date, to the credit of the Tea Control Fund;
(b) the value of any net assets lying, on the appointed date, to the credit of the Tea Subsidy Fund;
(c) the value of any net assets lying, on the appointed date, to the credit of the Ceylon Tea Propaganda Board;
(d) the value of any such net assets lying, on the appointed date, to the credit of the Tea Research Board;
(e) the value of any net assets as may be transferred to the Board, from time to time, by any Government Department, State Corporation, or local authority by an order or with the consent of the Minister in charge of that Department or Corporation or, in the case of a local authority, the Minister in charge of the subject of Local Government; and
(f) the proceeds of-
(i) all cess on tea imposed under this Law,
(ii) all fees levied and collected in respect of licences and permits issued under this Law or the Tea Control Act. No. 51 of 1957, or the Tea (Tax and Control of Export) Act, No. 16 of 1959, or in respect of dealings in tea under any other written law,
(iii) the sale of seed, cuttings, plants and fertilizers by the Tea Commissioner to proprietors of estates and small holdings;
(g) such sums as may, from time to time, be authorized by an Appropriation Law or by resolution of the National State Assembly for the purposes of this Law;
(h) all sums accepted by the Tea Commissioner by the compounding of offences under the Tea Control Act, No. 51 of 1957, or the Tea (Tax and Control of Export) Act, No. 16 of 1959; and
(i) all such other sums as may accrue to the Board by the sales of property belonging to the Board, gifts, and income from investments or otherwise.
(2) There shall be charged to the Capital Fund such sums as may be authorized by the Board for the purpose of meeting expenditure incurred in the exercise, discharge and performance of its powers, functions and duties under this Law, including-
(i) the remuneration of all officers and servants employed by the Board for carrying out the provisions of this Law and all other expenses of the administration of this Law,
(ii) the sums approved by the Board for the purpose of providing financial assistance, by way of grant or loan, for the planting of tea, for the replanting and the rehabilitation of estates and small holdings, for the diversification of estates and small holdings by the replacements of tea on such estates and small holdings, with other crops or livestock farming, for the marketing of the green tea leaf of estates and small holdings and for the manufacture of made tea or instant tea,
(iii) the sums approved by the Board in order to provide advisory services to owners of estates and small holdings, to manufacturers of tea, and dealers in tea, and
(iv) such expenses as may be incurred in connection with Sri Lanka's membership of the International Tea Committee, or any other international organization dealing with problems connected with tea.


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