Motor Transport (Amendment) Law

Motor Transport (Amendment) Law A LAW TO AMEND THE MOTOR TRANSPORT ACT. No. 48 OF 1957. BE it enacted by the National State Assembly of the Republic of Sri Lanka as follows: Short title. 1. This Law may be cited as the Motor Transport (Amendment) Law, No. 8 of 1975. Insertion of new section 28A In Act No. 48 of 1957. 2. The following new section is hereby inserted immediately after section 28 of the Motor Transport Act, No. 48 of 1957 (hereinafter referred to as the ” principal enactment “) and shall have effect as section 28A of that enactment:- ” Sums borrowed shall on conversion into grants be deemed to be the initial capital of the Ceylon Transport Board. 28A. (1) The Minister in charge of the subject of Finance may. on application made in that behalf by the Ceylon Trans-port Board with the approval of the Minister, authorize the conversion into a grant of any sum borrowed by the Board from the Government on or before December 31. 1974, under section 28. Such conversion may be authorized to be made with effect from the date on which such sum was borrowed or from such date thereafter as may be determined by the Minister. (2) The aggregate of the sums converted into grants under subsection (1) shall be deemed to be the initial capital of the Ceylon Transport Board”. Restrospective effect. 3. The provisions of section 28A inserted in the principal enactment by section 2 shall be deemed, for all purposes, to have come into force on the date on which that enactment came into operation. Insertion of new section 28B in the principal enactment. 4. The following new section is hereby inserted immediately after section 28A of the principal enactment (inserted by section 2 of this Law) and shall have effect as section 28B of that enactment: ” Capital of the Ceylon Transport Board may be increased from time to time. 28B. The capital of the Ceylon Transport Board may be increased from time to time by such amounts as may be authorized by an Appropriation Law or by resolution of the National State Assembly, and such amounts shall be given or made available to the Ceylon Transport Board by the Government by way of grants or by way of loans on such terms and conditions as may be determined by the Minister in charge of the subject of Finance “.