CEYLON DEVELOPMENT LOANS ACT

Arrangement of Sections

1. Short title.

PART I

Provisions relating to Loans Authorised by this Act

2. Authority to raise loans.

3. Manner of raising loans.

4. Application of money raised by way of loan under section 2(1).

PART II

Provisions relating to the Raising of Loans in the United Kingdom

5. Loans to be raised in United Kingdom by issue of Stock of the Government of Ceylon.

6. Agent to issue and to be Registrar of Ceylon Government Stock.

7. Issue of Ceylon Government Stock.

8. Ceylon Government Stock regulations.

9. Liability of Government of Ceylon in respect of Ceylon Government Stock.

10. Cessation of liability to pay interest.

11. Separate sinking fund for each issue of Ceylon Government Stock.

12. Trustees of sinking funds.

13. Contribution to sinking funds.

14. Investment of sinking funds and cancellation of Ceylon Government Stock acquired for such funds.

15. Investment of interest on sinking funds.

16. Cessation of contributions to sinking funds.

17. Expenses to be paid out of sinking funds.

18. Conversion or redemption of Ceylon Government Stock.

19. Persons empowered to approve instruments.

20. United Kingdom investors' rights.

21. Payments to certain persons in respect of Ceylon Government Stock to be free from taxes, levies or duties.

22. Costs, charges and expenses.

PART III

Provisions relating to Loans from the International Bank
for Reconstruction and Development

23. Persons empowered to enter into loan agreement with International Bank for Reconstruction and Development.

24. Enforceability of loan agreement, bonds and promissory notes.

25. Sums payable by Government of Ceylon under loan agreement, bonds and promissory notes to be a charge on Consolidated Fund.

26. Payments under loan agreement, bonds and promissory notes to be free from taxes, duties, fees and restrictions.

27. When a loan from International Bank is deemed to be raised and in what amount of rupees the loan is deemed to be.

PART IV

General

28. How determinations of Government of Ceylon are to be signified.

29. Interpretation.

6 of 1954,

25 of 1954,

8 of 1956,

18 of 1965.

AN ACT to provide for the raising of loans the total amount of which shall not exceed one thousand million rupees for expenditure on the development of Ceylon, for the raising of any further loan which may be necessary for defraying the expenses of raising the aforesaid sum or any part thereof, and to make provisions regarding the raising, in the United Kingdom or from the International Bank for reconstruction and development, of any loan authorised by this Act or by any other Act.

[Am by s 2 of Act 18 of 1959.]

[Date of Commencement: 22nd February, 1954]

1. Short title.

This Act may be cited as the Ceylon Development Loans Act.

PART I

Provisions relating to Loans Authorised by this Act

2. Authority to raise loans.

(1) The Monetary Board is hereby authorised to raise for the Government of Ceylon, loans, the total amount of which shall not exceed one thousand million rupees for expenditure on any work commenced before or on or after the date of commencement of this Act and connected with or incidental to the development of Ceylon.

[S 2(1) am by s 3 of Act 18 of 1959.]

(2) In addition to the sum specified in subsection (1), the Monetary Board is hereby authorised to raise by way of loan, for the Government of Ceylon, such further sums as may be necessary for the purposes of defraying the expenses incurred in raising loans under that subsection.

3. Manner of raising loans.

A loan authorised by this Act may be raised in such one or more of the following modes as the Government of Ceylon may determine—

(a) by the issue of Stock or securities in accordance with the provisions of the Registered Stock and Securities Ordinance;

(b) by the issue of Stock in accordance with the provisions of Part II of this Act;

(c) from the International Bank for Reconstruction and Development in accordance with the provisions of Part III of this Act.

4. Application of money raised by way of loan under section 2(1).

(1) All money raised by way of loan under subsection (1) of section 2 may be expended on the work mentioned in that subsection, but no such expenditure shall be finally charged to such loan except upon a resolution in that behalf passed by the House of Representatives:

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