Board of Investment of Sri Lanka (Amendment) Act 2012

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Official translationFrom Department of Government Printing, unchanged

s 1Short title

This Act may be cited as the Board of Investment of

Sri Lanka (Amendment) Act, No. 3 of 2012.

s 2Amendment of section 6 of the Law No. 4 of 1978

Section 6 of the Board of Investment of Sri Lanka

Law, No. 4 of 1978 (hereinafter referred to as the “principal enactment”) is hereby amended as follows:—

(1)

by the repeal of subsection (1) of that section and the substitution therefor of the following subsection:—

“(1) the Board shall consist of five members to be appointed by the President, one of whom shall be appointed as the Chairman of the

Commission.”;

(2)

by the substitution, in subsection (2) of that section, for the words “period of five years”, of the words

“period of three years”;

(3)

by the substitution, in subsection (7) of that section, for the words “Director-General, Additional

Director-General or any other member”, of the word

“Chairman”;

(4)

by the addition immediately after subsection (7) of that section, of the following new subsection:—

“(8) the Chairman shall preside at all meetings of the Board and shall have a casting vote. In the absence of the Chairman from any meeting of the

Board, a member elected by the members present shall preside at such meeting.”.

s 3Replacement of section 11 of the principal enactment

Section 11 of the principal enactment is hereby repealed and the following section substituted therefor:—

11. (1) The President in consultation with the Board shall appoint the Director-General of the Board.

(2)

The Director-General shall be the chief executive officer of the Board.

(3)

The President in consultation with the

Board may remove the Director-General from his office.

(4 )The Director-General shall attend the meetings of the Board in an advisory capacity in connection with the activities of the Board but shall not have any voting rights thereat.

(5)

The Board shall determine the remuneration and other benefits payable to the

Director-General.

(6)

The Director-General shall discharge his functions subject to the general direction and control of the Board.

(7)

The Director-General may, with the approval of the Board delegate any power, function or duty conferred or imposed on or assigned to the Director-General to any employee of the Board and such employee shall excise, perform and discharge such power, duty or function subject to the general or special directions of the Director-General.”.

“Appointment of Director-General of the Board.

s 4Amendment of section 12 of the principal enactment

Section 12 of the principal enactment is amended by the omission of the words “Additional Director-General”.

s 5Sinhala text to prevail in case of inconsistency

In the case of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.