Source : Webster's Revised Unabridged Dictionary (1913)

Olay \O"lay\, n. pl. [Tamil [=o]lai.]
   Palm leaves, prepared for being written upon with a style
   pointed with steel. [Written also {ola}.] --Balfour (Cyc. of
   India).

Source : WordNet®

ola
     n : leaf or strip from a leaf of the talipot palm used in India
         for writing paper [syn: {olla}]