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As enacted
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Contents

Part IV · Fund of the Commission

23. Fund of the Commission

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Commission shall have its own Fund.

(2)

There shall be paid into the Fund of the

Commission –

(a)

a sum of Sri Lanka Rupees four hundred million being the initial contribution payable by the Project

Company to the Fund of the Commission, on account of the Commission discharging inter alia, the functions of the investment facilitator of the

Colombo Port City, which sum shall be used by the

Commission to defray initial setting up and operational expenditure of the Commission, including international promotional expenditure of the Colombo Port City and Sri Lanka and such other expenses as may be incurred by the

Commission in terms of this Act;

(b)

all sums of money equivalent to one percentum of all sums received from any lease of Project

Company Marketable Land situated within the

Area of Authority of the Colombo Port City, on account of the Commission discharging inter alia, the functions of the investment facilitator in relation to Marketable Land situated within the

Area of Authority of the Colombo Port City, executed from the date of commencement of this

Act and ending on June 30, 2028, after deducting therefrom, the initial contribution made by the

Project Company in terms of paragraph (a) above and any taxes as may be payable thereon which sum shall be used by the Commission to defray expenditure incurred by the Commission in terms of this Act as set out in paragraph (a) (the

Commission having remitted the entire balance of all sums so received to the Project Company simultaneous to the execution of indentures of lease of Project Company Marketable Land);

(c)

all sums of money equivalent to one percentum from all sums received from July 1, 2023 and ending on June 30, 2028, from any lease of Government

Marketable Land situated within the Area of

Authority of the Colombo Port City, retained by the Commission, as a service fee, to defray expenditure incurred by the Commission for international promotional expenditure of the

Colombo Port City and Sri Lanka, (the Commission having remitted the entire balance of all sums so received to the Consolidated Fund, simultaneous to the execution of the respective indentures of lease, which sums will form part of Government Revenue);

(d)

all sums of money as may be received by the

Commission by way of local assessment rates and any other levies imposed by the Commission at such rates as prescribed within the Area of Authority of the

Colombo Port City, (which sums shall be credited to the Consolidated Fund on a quarterly basis, and will form part of Government Revenue);

(e)

all sums of money as may be received by the

Commission by way of fees or charges, as the case may be, imposed by the Commission or the Estate

Manager, for services or facilities provided within the Area of Authority of the Colombo Port City, as may be decided by the Commission in the exercise, performance and discharge of the powers, duties and functions assigned to the Commission or the

Estate Manager, in terms of this Act;

(f)

all grants, donations, gifts or bequests from any legitimate source whatsoever, whether domestic or foreign as shall be received by the Commission, through the Department of External Resources of the General Treasury;

(g)

all sums of money borrowed by the Commission in accordance with regulations which shall be made for such purpose; and

(h)

any other sums of money as may accrue to the

Commission, in the exercise, performance and discharge of the powers, duties and functions of the

Commission.

(3)

There shall be paid out of the Fund of the Commission, all sums of money as may be required in order to defray any expenditure incurred by the Commission, in the exercise, performance and discharge of its powers, duties and functions in terms of this Act, while ensuring that-

(a)

the limitations set out in paragraph (c) of subsection (2), correlated to the achievement of the objectives of the Commission through international promotional activities, are adhered to;

(b)

the balance to be remitted to the Project Company under paragraph (b) of subsection (2) are so remitted;

and

(c)

all funds required to be credited to the Consolidated

Fund in terms of the provisions of this Act, are so credited.

(4)

The Fund of the Commission shall be audited annually by a qualified auditor in terms of Article 154 of the

Constitution. For the purposes of this section, the qualified auditor so appointed may be an international firm of accountants.

(5)

The final audit report shall be submitted to the

President, or in the event that the subject of the Colombo

Port City is assigned to a Minister, to such Minister, to be tabled in Parliament.

(6)

It is hereby noted that the Commission shall be estimated to be self-sustainable by July 1, 2028.

(7)

For the purposes of subsection (2), when carrying out international promotional activities of the Colombo Port

City and Sri Lanka and incurring related expenditure, the

Commission shall ensure the involvement of both international and local expertise and aptitude.

Part V

The Director-General and the Staff of the Commission

Read on from Part V

Part VI

Read on from Part VI

Part VII

Offshore Companies to Operate Within the Area of Authority of the Colombo Port City

Read on from Part VII

Part VIII

Offshore Banking Business in and from the Area of Authority of the Colombo Port City

Read on from Part VIII

Part IX

Determination and Grant of Exemptions or Incentives for the Promotion of Businesses of Strategic Importance

Read on from Part IX

Part X

Applicability of the Condominium Management Authority Law and the Apartment Ownership Law

Read on from Part X

Part XI

Applicability of the Securities and Exchange Commission Act

Read on from Part XI

Part XII

Estate Manager and Provision of General Services

Read on from Part XII

Part XIII

International Commercial Dispute Resolution Centre

Read on from Part XIII

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Schedules