Lady Lochore Loan Fund (Board of Trustees) Act

Arrangement of Sections

1. Short title.

2. Establishment of Board of Trustees of the Lady Lochore Loan Fund.

3. Term of office of members.

4. Vacation of office by members.

5. President of the board.

6. Incorporation of the board.

7. Seal of the board.

8. Transfer of assets and liabilities of the fund to the board.

9. Duties and powers of the board.

10. Delegation of powers and duties of the board.

11. Managing trustee.

12. Officers and servants.

13. Delegation of powers and duties of managing trustee to officers of the board.

14. Payments to the Fund.

15. Purposes to which the fund may be applied.

16. Grants and loans to the board subject to conditions.

17. Accounts of the fund.

18. Bank accounts of the board.

19. Matters not invalidating acts of the board.

20. Rules.

21. Saving of the rights of the Republic and, other.

22. Interpretation.

38 of 1951,

4 of 1953.

AN ACT to establish and incorporate a board of trustees of the fund known as the Lady Lochore Loan Fund, to declare the purposes to which that fund shall be applied, and to make provision for matters connected therewith.

[Date of Commencement: 24th September, 1951]

1. Short title.

This Act may be cited as the Lady Lochore Loan Fund (Board of Trustees) Act.

2. Establishment of Board of Trustees of the Lady Lochore Loan Fund.

(1) A board, constituted as hereinafter provided, is hereby established as the Board of Trustees of the Lady Lochore Loan Fund which was formed by the Reverend C E V Nathanielsz of Colombo, with money donated by Lady Jean Loch ore formerly of Ceylon and with contributions from the public, for the purpose of granting relief to persons in debt.

(2) The board shall consist of the following eight members—

(a) the said Reverend C E V Nathanielsz; and

(b) seven persons appointed as members by the Minister in charge of the subject of Finance, one of whom shall be an officer of the General Treasury:

Provided however that, if the said Reverend C E V Nathanielsz ceases to be a member, the board shall consist of the seven members mentioned in paragraph (b) of this subsection.

(3) Where an appointed member is or is likely to be absent from Sri Lanka for a period exceeding one month or is unable to discharge the duties of his office for such a period by reason of ill health or for any other cause, the Minister in charge of the subject of Finance may, subject to the provisions of subsection (5), appoint some other person to act in place of such member.

(4) Where an appointed member ceases to hold office at any time prior to the expiration of his term of office, the Minister in charge of the subject of Finance may, subject to the provisions of subsection (5), appoint some other person to be a member in his place.

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