3. Establishment of the Colombo Port City Economic Commission

There shall be established a Commission called the Colombo Port City Economic Commission (hereinafter referred to as the “Commission”) which shall be entrusted, in the manner set out in this Act, with the administration, regulation and control of, all matters connected with businesses and other operations, in and from the Area of

The Commission shall, by the name assigned to it under subsection (1), be a body corporate with perpetual succession and a common seal and may sue and be sued in such name.

The Commission shall have the objectives and the powers, duties and functions as are set out in this Act.

The Commission shall be responsible to facilitate prepare, develop, amend, update, publish and enforce all

The Commission shall, in the exercise, performance and discharge of its powers, duties and functions, where so required by the respective written laws applicable to any

The relevant Regulatory Authority from whom such concurrence is being sought by the Commission, shall as soon as practicable in the circumstances, as a matter of priority, communicate its decision to the Commission.