Sri Lanka Consolidated Acts

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Village Councils Law (No. 6 of 1964) - Sect 88

Power of Local Loan Commissioners to give a loan which is certified under section 56B. [ 26, 60 of 1961.]

56E.
(1) Whenever the Minister under section 56D certifies a loan to be necessary in respect of any village area, the Local Loans and Development Commissioners may lend to the Commissioner of Local Government or the person appointed under subsection (2) of section 56B the amount of such loan on the security of any rate or tax in that village area without requiring any other security.
(2) The Commissioner of Local Government or the person appointed under subsection (2) of section 56B may, as security for any such loan referred to in subsection (1) as is obtained for any village area, mortgage any rate or tax in that village area, and such mortgage shall have the same effect as if it had been made by the Village Council of that village area.

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