PUBLIC WORKS LOAN (1937) ORDINANCE

Arrangement of Sections

1. Short title.

2. Authority to raise loan.

3. Method of raising loan.

4. Authority to raise additional sums for incidental expenses.

5. Determination of sterling equivalent of authorized loan.

6. Appropriation and expenditure.

7. Power to vary any appropriation.

8. Refund from loan to revenue.

9. Power to issue Treasury Bills and to repay expenditure in respect thereof from loan.

10. Date of first contribution to sinking fund of loan issued under Ordinance.

11. Exemption from taxes and duties.

SCHEDULE

5 of 1937,

6 of 1937,

52 of 1944,

11 of 1949.

AN ORDINANCE to authorize a sum of one hundred million rupees to be raised by way of loan for the construction of certain public works and for other purposes.

[Date of Commencement: 18th March , 1937]

1. Short title.

This Ordinance may be cited as the Public Works Loan (1937) Ordinance.

2. Authority to raise loan.

The Governor is hereby authorized to raise by way of loan a sum not exceeding one hundred million rupees for the purposes mentioned in the first column of the Schedule.

3. Method of raising loan.

The loan or any part of the loan authorized by this Ordinance may be raised at such time or times as the Governor may determine under the General Loan and Stock Ordinance, or under any other enactment which may hereafter be enacted to make provision for the creation and issue of registered stock, Government promissory notes and bearer bonds for the purpose of , raising loans in Ceylon.

4. Authority to raise additional sums for incidental expenses.

In addition to the sum specified in section 2, the Governor is hereby authorized to raise in the manner prescribed in section 3 such further sums as may be necessary for the purpose—

(a) of defraying the expenses incurred in raising the loan or any part thereof ; and

(b) of paying the stamp duty on transfers of such stock as may be issued under the General Loan and Stock Ordinance.

5. Determination of sterling equivalent of authorized loan.

For the purpose of determining in sterling currency the amount of any loan or part of a loan authorized by this Ordinance to be raised in rupee currency, one shilling and six pence shall be deemed to be the equivalent of one rupee.

6. Appropriation and expenditure.

Save as hereinafter provided, the sums respectively specified in the second column of the Schedule shall, out of any moneys raised under the authority of this Ordinance, be appropriated for the purposes mentioned in the corresponding entries in the first column of that Schedule ; but no expenditure shall at any time be incurred for any purpose mentioned in the first column of the Schedule until such expenditure shall have been authorized by a resolution passed by the State Council and ratified by the Governor:

Provided that nothing in this section shall apply to any refund to general revenue authorized by section 8.

7. Power to vary any appropriation.

It shall be lawful for the Governor—

(a) to direct that any sum or part of any sum appropriated by section 6 for any purpose mentioned in the Schedule, shall, if it is not required for that purpose, be appropriated and applied to any other purpose whether mentioned in the Schedule or not; and

(b) whenever any sum or part of any sum appropriated for any purpose under the preceding paragraph is not required for that purpose, to direct that such sum or part of a sum shall be appropriated and applied to any other purpose whether mentioned in the Schedule or not, and in like manner to vary any appropriation so made as often as any part of the moneys raised under the authority of this Ordinance ceases to be required for the purposes to which such moneys have been appropriated by or under this Ordinance:

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