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Tax Reserve Certificates ACT

Arrangement of Sections

1. Short title.

2. Central bank of Ceylon to issue Tax Reserve Certificates.

3. Application for and issue of certificates.

4. Register of certificate holders.

5. Surrender of certificates in payment of income tax, personal tax, profits tax, wealth tax, gifts tax or estate duty.

6. Surrender value of certificates.

7. Provisions applicable upon surrender of certificate.

8. Value of certificates to be treated as capital for purposes of profits tax in certain cases.

9. Cancellation of certificates not surrendered in payment of tax.

10. Certificates not to be transferable.

11. Restriction of seizure of certificates.

12. Surrender or delivery of certificates on death of holder.

13. Surrender or delivery of certificate on insolvency of holder.

14. Issue of duplicate certificate.

22 of 1957,

18 of 1961,

51 of 1961,

12 of 1981.

AN ACT to make provision for the issue of Tax Reserve Certificates for the purpose of facilitating payment of sums due as income tax, personal tax or profits tax and for matters incidental to the purpose aforesaid.

[Date of Commencement: 25th April, 1957]

1. Short title.

This Act may be cited as the Tax Reserve Certificates Act.

2. Central Bank of Ceylon to issue Tax Reserve Certificates.

(1) The Central Bank of Ceylon is hereby authorised to issue, in accordance with the provisions of this Act, Tax Reserve Certificates (hereinafter in this Act referred to as "certificates”) up to such amount and of such denomination or denominations as the Minister of Finance may from time to time specify by Order published in the Gazette.

(2) The Superintendent of Public Debt in the Central Bank of Ceylon (hereinafter in this Act referred to as "the Superintendent”) shall be responsible for the issue of certificates, the maintenance of books of issue, the redemption or cancellation of certificates, and all other matters pertaining to the issue of, and repayment in respect of, certificates.

3. Application for and issue of certificates.

(1) Every application for a certificate shall be made to the Superintendent.

(2) No certificate shall be issued to any applicant therefor unless payment of an amount equal to the denominational value of the certificate has been made to the Superintendent by the applicant in such manner as may be approved by the Superintendent.

(3) The principal moneys and interest represented or secured by any certificates issued under this Act are hereby charged upon and shall be payable out of the Consolidated Fund of Ceylon.

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