POST OFFICE SECURITY FUND ORDINANCE

Arrangement of Sections

1. Short title.

2. Interpretation.

3. Validation and continuation of the Post Office Security Fund.

4. Constitution and corporation of board of management.

5. Minutes and proceedings.

6. Appointment of Secretary and clerical officers.

7. Powers of the board in administration of the fund.

8. Issue of loans by the board and conditions.

9. Regulations.

10. Suspension of payment of principal and interest.

11. Payment of loan before due.

12. Change of security.

13. Power to extend time, compound, or release.

14. Appointment of appraisers and valuation of property.

15. Appointment of notaries.

16. Wrongful application of loans.

17. Purchase of property by the board on realisation of security.

18. Accounts.

19. Reserve fund.

20. Protection for Members of the board.

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

1 of 1931,

9 of 1939,

28 of 1943,

36 of 1952,

46 of 1958.

AN ORDINANCE for the incorporation of the board of management of the Ceylon Post Office Security Fund and for regulating the issue of loans from the fund.

[Date of Commencement: 1st October, 1931]

1. Short title.

This Ordinance may be cited as the Post Office Security Fund Ordinance.

2. Interpretation.

In this Ordinance, unless the context otherwise requires—

"officer” means an officer or employee of the Post Office;

"Post Office” means the Posts and Telecommunications Departments of the Government of Sri Lanka;

"the fund” means the Post Office Security Fund.

3. Validation and continuation of the Post Office Security Fund.

(1) The Post Office Security Fund shall be deemed for all purposes to have been lawfully constituted and established; and all moneys deposited with or paid periodically to the Postmaster-General by officers, before the date on which this Ordinance comes into operation, as security for the due performance of their respective duties, and paid by the Postmaster-General or caused by him to be paid into the fund, shall be deemed to have been lawfully collected or received by him on behalf of the State and to have been lawfully so paid into the fund, and all moneys paid out therefrom in connection with any such security shall be deemed to have been lawfully so paid.

(2) All investments made by the Colonial Treasurer from time to time of moneys standing to the credit of the fund before the date on which this Ordinance comes into operation shall be deemed to have been lawfully made, and shall continue as heretofore to be part of the fund.

(3) After the date on which this Ordinance comes into operation, all moneys deposited with or paid periodically to the Postmaster-General by officers, under any written law for the time being in force as to the security to be given for the due performance of their duties, shall be paid by the Postmaster-General or caused by him to be paid to the board.

4. Constitution and corporation of board of management.

(1) For the purposes of this Ordinance, the Minister may appoint a board of management of the Post Office in Security Fund (hereinafter called "the board”), which shall administer the fund in accordance with the provisions of this Ordinance and any regulations made or deemed to be made thereunder.

(2) The board shall consist of five members including the Postmaster-General for the time being, who shall be the chairman of the board, and the Minister may from time to time appoint persons to fill any vacancies that may occur among the members of the board.

(3) The members of the board for the time being shall be a body corporate and shall have the name of "The Post Office Security Fund Board of Management”, and in that name shall have perpetual succession and shall and may sue and be sued in all courts in Sri Lanka, and may have and use a common seal.

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