Api Wenuwen Api Fund ORDINANCE

Arrangement of Sections

1. Short title.

2. Establishment of the "Api Wenuwen Api Fund”.

3. Board of Management of the Fund.

4. The aims and objects of the Fund.

5. Powers of the Board.

6. The chief accounting officer to be responsible for the administration and management of the Fund.

7. Payments into the Fund.

8. Payments out of the Fund.

9. Account to be maintained at the Central Bank.

10. Exempt of the Fund from taxes.

11. Accounts and audit.

12. The seal of the Fund.

13. Rules.

14. Regulations.

15. Application for a loan.

16. Manner of processing such application.

17. Appeal to the Minister.

18. Decision of the Minister to be communicated to the applicant.

19. No writ to issue, against person or property of a member or officer of the Fund.

20. Recovery of expenses in any suit.

21. Officers and servants of the Fund deemed to be public servants under the Penal Code.

22. Fund is deemed to be a scheduled institution within the meaning of the Bribery Act.

23. Interpretation.

24. Sinhala text to prevail in case of inconsistency.

6 of 2008.

AN ORDINANCE to provide for the establishment of a fund, to be called and known as the "Api Wenuwen Api Fund” to provide loans for the construction or purchase of houses, for armed service personnel; and to provide for matters connected therewith, or incidental thereto.

[Date of Commencement: 19th February, 2008]

1. Short title.

This Act may be cited as the Api Wenuwen Api Fund Act.

2. Establishment of the "Api Wenuwen Api Fund”.

(1) There shall be established a Fund, to be called and known as the "Api Wenuwen Api Fund”, (hereinafter referred to as the "Fund”) for the purpose of giving effect to the aims and objects of the Fund as set out in section 4.

(2) The Fund established under subsection (1), shall be a body corporate with perpetual succession under the name and style of "Api Wenuwen Api Fund” and by that name may sue and be sued, with full power and authority to have and use a common seal, and alter the same at its pleasure.

3. Board of Management of the Fund.

(1) The administration, management and control of the Fund shall be vested in a Board of Management (hereinafter referred to as the "Board”).

(2) The Board shall consist of—

(a) the following ex officio members:—

(i) the Secretary to the Ministry of the Minister in charge of the subject of Defence, or his nominee;

(ii) a Deputy Governor of the Central Bank of Sri Lanka, nominated by the Governor of the Central Bank;

(iii) the President or a member of the Council of the Institute of Chartered Accountants, nominated by the Institute of Chartered Accountants of Sri Lanka, established by the Institute of Chartered Accountants of Sri Lanka Act. No. 23 of 1959;

(iv) the Director or a member of the Faculty of the Postgraduate Institute of Management of the University of Sri Jayewardenepura, nominated by the Board of Management of the Postgraduate Institute of Management; and

(b) two members, who shall be appointed by the Minister in charge of the subject of Defence, from among those who possess necessary qualifications, experience or expertise in the Fields of Law and Finance (hereinafter referred to as "appointed members”).

(3) The Secretary to the Ministry of the Minister in charge of the subject of Defence, shall be the Chairman of the Board.

(4) An appointed member of the Board, may at any time resign his office by written communication addressed to the appointing authority, with a copy to the Chairman of the Board.

(5) A person shall be disqualified from being appointed or continuing in office, as a member of the Board, if such person—

(a) is or becomes, a member of Parliament or a Provincial Council or a local authority; or

(b) is convicted of an offence involving moral turpitude, punishable with imprisonment, for a term not less than six months: or

(c) is under any law in force in Sri Lanka or any other country, found or declared, to be of unsound mind; or

(d) is a person who has been declared an undischarged insolvent, or bankrupt under any law in force in Sri Lanka or any other country.

(6) —

(a) Any appointed member shall hold office for a period of three years from the date of appointment.

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