75. Interpretation

Port City and any other such area as may be decided by the Commission, to be a common area;

“community rules” means rules specifying guidelines and instructions as formulated from time to time by the Commission, which are to be complied with by the owners and occupiers of Condominium

Parcels or premises situated within the Area of

Authority of the Colombo Port City, with a view to ensuring the maintenance of harmony and the promotion of a cohesive living environment;

“company” includes any company or body corporate established under the Companies Act, No. 7 of 2007

or a company incorporated in any other jurisdiction under any law, charter, statute or other instrument constituting or defining the constitution of a company;

“Condominium Management Authority Law” means the Condominium Management Authority Law,

No. 10 of 1973;

“condominium parcel” shall have the same meaning as given in the Apartment Ownership Law, No. 11

of 1973;

“designated foreign currency” means a foreign currency determined to be “designated foreign currency” by the Monetary Board for the purposes of section 25 of the Banking Act, No. 30 of 1988;

“Development Control Regulations” means development control regulations relating to the

Area of Authority of the Colombo Port City and which are prescribed by the President or in the event that the subject of the Colombo Port City is assigned to a Minister, by such Minister in consultation with the Commission to facilitate implementation of the development objectives and the framework, required for the implementation of the Master Plan of the Colombo Port City;

“Government Marketable Land” means that proportion of the reclaimed land situated within the Area of

Authority of the Colombo Port City, made available for the undertaking of residential, commercial, leisure, educational, cultural, community-based developments and other similar developments by the Government;

“licensed commercial bank” means a licensed commercial bank, to which a licence in terms of section 5 of the Banking Act, No. 30 of 1988 has been issued by the Monetary Board with the approval of the Minister assigned the subject of

Finance;

“Master Plan” means the Plan of the Colombo Port

City which provides the conceptual layout to guide future development of the Colombo Port City;

“Monetary Board” means the Monetary Board of the

Central Bank of Sri Lanka established under the

Monetary Law Act (Chapter 422);

“non-resident” means a person other than a resident;

“offshore banking business” means the provision of banking or financial services by an authorised person as permitted under this Act, payable in any designated foreign currency, other than Sri Lanka

Rupees, unless as provided in terms of this Act or as may be prescribed;

“offshore business” means the provision of services, including financial services, by an authorised person as provided for in terms of this Act, and where remuneration is payable in any designated foreign currency, other than Sri Lanka Rupees, unless as provided in terms of this Act or as may be prescribed;

“person” includes a natural person, company, partnership, limited partnership and a foundation, which has been validly established under the laws of Sri Lanka or of any other jurisdiction;

“Project Company” means the developer of the

Colombo Port City;

“Project Company Marketable Land” means that proportion of the reclaimed land situated within the Area of Authority of the Colombo Port City, made available to the Project Company by way of

Master Leases issued by the Urban Development

Authority to the Project Company, for the undertaking of residential, commercial, entertainment and leisure-based developments and other similar developments by the Project

Company;

“Regulatory Authority” includes the Monetary Board of the Central Bank of Sri Lanka, the Registrar-General of Companies, the Director-General of the

Central Environmental Authority, the Controller of Immigration and Emigration, the Director-General of Customs, and such other regulatory authority or approving authority, and in whom the powers, duties and functions relating to the respective subjects which are dealt with in this Act are vested in or assigned to, in terms of any applicable written law;

“Registrar-General of Companies” means the Registrar-General of Companies or such other officer exercising, performing or discharging, the function of registration of companies, in terms of the

Companies Act, No. 7 of 2007;

“resident” means and includes -

Sri Lanka;

Sri Lanka but who has been in Sri Lanka for at least six months and continues or intends to be in Sri Lanka;

Sri Lanka;

“Securities and Exchange Commission Act” means the Securities and Exchange Commission Act, No.

36 of 1987; and

“Urban Development Authority” means the Urban

Development Authority of Sri Lanka established under the Urban Development Authority Law, No.

41 of 1978.