Companies Act 2007 · As enacted · Part XIX · Advisory Commission
506. Appointment &c. of Advisory Commission
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
For the purposes of advising the Minister on any matters in relation to the law relating to companies, the
Minister may—
constitute a Commission (hereinafter referred to as the “Advisory Commission”) consisting of not less than five and not more than ten persons with suitable qualifications ; and
appoint one of such persons to be Chairman of the said Advisory Commission.
It shall be the duty of the Advisory Commission—
to inquire into and report to the Minister on any matter or question relating to companies and the law applicable to companies, which may be referred to it from time to time by the Minister ;
to review the law relating to companies from time to time and to make proposals to the Minister for the alteration, modification or addition to such law ;
in making the recommendations referred to in paragraph (a) or (b), to consult and take into consideration where the Advisory Commission deems necessary, the views of trade chambers, professional organisations, monetary institutions, governmental authorities and the general public.
The Registrar shall be an ex-officio member of the
Advisory Commission, and shall also function as its Convener and Secretary.
Subject to the provisions of subsections (6), (7) and (8), the term of office of the members of the Advisory
Commission shall be three years :
Provided that a member appointed in place of a member who resigns or is removed or otherwise vacates office, shall hold office for the unexpired part of the term of office of the member whom he succeeds.
Any member of the Advisory Commission who vacates office by effluxion of time, shall be eligible for re-appointment.
A member of the Advisory Commission may resign from office by letter to that effect addressed to the Minister.
All members of the Advisory Commission shall hold office during good behaviour, and may be removed from office by the Minister.
Where a member is temporarily unable to discharge the duties of his or her office on account of ill-health, absence from Sri Lanka or any other cause, the Minister may appoint some other person to act as a member in his or her place.
The Advisory Commission may, with the approval of the Minister, appoint such officers and servants as it thinks fit to assist the Advisory Commission in carrying out its duties under this Part of this Act.
The members of the Advisory Commission, its
Secretary and other officers and servants may be paid such remuneration out of the Fund, as may be determined by the
Minister.
Part XX
Companies Disputes Board
Part XXI
Offences Miscellaneous Offences
Part XXII
Miscellaneous Prohibition of Partnership with More Than Twenty Members
Part XXIII