Institute Of Policy Studies Of Sri Lanka (Amendment)

Link to law: http://www.lawnet.lk/process.php?st=1999Y0V0C9A&hword=%27%27&path=2
Published: 1999

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Institute Of Policy Studies Of Sri Lanka (Amendment)
Institute Of Policy Studies Of Sri Lanka (Amendment)




AN ACT TO AMEND THE INSTITUTE OF POLICY STUDIES OF SRI LANKA ACT, NO. 53 OF 1988








BE it enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-



[9th April

, 1999 ]













Short title.



1. This Act may be cited as the Institute of Policy Studies of Sri Lanka (Amendment) Act, No. 9 of 1999.



Amendment of section 5 of Act No. 53 of 1988.



2. Section 5 of the Institute of Policy Studies of Sri Lanka Act, No. 53 of 1988 (hereinafter referred to as "the principal enactment") is hereby amended by the repeal of paragraph (d) of that section, and the substitution, of the following paragraph therefor :-





(d) to arrange for the conduct of socio-economic research relevant to Sri Lanka, by Sri Lankan or foreign research institutions or individuals ;



Amendment of section 18 of the principal enactment.



3. Section 18 of the principal enactment is hereby amended as follows :





(1) by the repeal of subsections (4) and (5) of that section and the substitution, of the following subsections therefor:-





"(4) The Auditor-General shall audit the accounts of the Institute every year. For the purpose of assisting him in the audit of such accounts, the Auditor-General shall engage the services of a qualified auditor (hereinafter referred to as "the auditor") who shall act under his direction and control. Such audit shall be conducted in accordance with the Sri Lanka auditing standards established by the Institute of Chartered Accountants of Sri Lanka under the Sri Lanka Accounting and Auditing Standards Act, No. 15 of 1995.



(5) For the purposes of meeting the expenses incurred by him in the audit of the accounts of the Institute, the Auditor-General shall be paid out of the Fund of the Institute, such remuneration as the Board may determine, Any remuneration received from the Fund of the Institute by the Auditor-General shall, after deduction therefrom of any sums paid by him to the auditor engaged by him for the purpose of conducting such audit, be credited to the Consolidated Fund." ;



(2) by the substitution, in subsection (10) of that section, for the word "auditor" wherever that word occurs in that subsection, of the words "Auditor-General"; and



(3) by the substitution, in subsection (11) of that section, for the word "auditor", of the words "Auditor- General".



Sinhala text to prevail in case of inconsistency.



4. In the event of any inconsistency between the Sinhala and Tamil text of this Act sinhala text shall prevail,