Economic Transformation Act 2024 · As enacted · Part VII
193. Repeals and savings
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The Board of Investment of Sri Lanka Law, No. 4
of 1978 is hereby repealed (in this Act referred to as the
“repealed Law”).
Notwithstanding the repeal of the Board of Investment of Sri Lanka Law, No. 4 of 1978 -
every reference to the repealed law or any provision thereof in any other written law shall be construed as a reference to Part II, Part III or this Part or the corresponding provisions contained in Part II, Part
III or this Part, as the case may be;
every reference to the BOI in any other written law shall be construed as a reference to the Economic
Commission or Zones SL in the corresponding provisions in Part II or Part III, as the case may be;
the members of the Board of the BOI under the repealed Law, functioning as such on the day immediately preceding the appointed date shall be deemed to be the members of the Board of the
Economic Commission for the purposes of Part II,
Part III and this Part until a new Board of the
Economic Commission is appointed under Part II;
all approvals, licences, authorizations and permissions issued by the BOI and in force on the day immediately preceding the appointed date shall, subject to such modifications as agreed between the Economic Commission or Zone SL, as the case may be and the investor continue to be valid and in force;
all approvals, licences, authorisations and permissions issued and contracts, agreements or other instruments entered into under any other written law for the purpose of promoting and facilitating investment and in force on the day immediately preceding the appointed date shall, subject to such modifications as agreed between the Economic Commission or Zone SL, as the case may be and the investor continue to be valid and in force;
all regulations, rules, directives and Orders made under the repealed Law and in force on the day immediately preceding the appointed date shall, in so far as such regulations, rules, directives and
Orders are not inconsistent with the provisions of this Act shall be deemed to be made under this Act, and such regulations, rules, directives and Orders may be amended, rescinded or altered by regulations, rules, directives or Orders made under this Act;
all property, both movable and immovable, which were owned by or was in the possession of the BOI in terms of the repealed Law-
and existing on the day immediately preceding the appointed date shall, subject to the provisions of subparagraph (ii), with effect from the appointed date be deemed to be the property of or be in the possession of the Economic Commission, as the case may be; and
in respect of licensed zones and existing on the day immediately preceding the appointed date shall, with effect from the appointed date be deemed to be the property of or be in the possession of the Zones SL, as the case may be;
all contracts, agreements and other instruments entered into by or with the BOI under the repealed
Law -
and subsisting on the day immediately preceding the appointed date shall, subject to the provisions of subparagraph (ii), be deemed to be contracts, agreements and instruments entered into by or with or for the
Economic Commission and all rights, privileges, obligations, debts and liabilities of the BOI subsisting on the day immediately preceding the appointed date shall be deemed to be rights, privileges, obligations, debts and liabilities of the Economic Commission under
Part II; and
in respect of licensed zones and enterprises located therein and subsisting on the day immediately preceding the appointed date shall be deemed to be contracts, agreements and instruments entered into by or with or for the Zones SL and all rights, privileges, obligations, debts and liabilities of the BOI in respect thereof subsisting on the day immediately preceding the appointed date shall be deemed to be rights, privileges, obligations, debts and liabilities of the Zones
SL under Part III;
any application made under the provisions of the repealed Law-
shall, subject to the provisions of subparagraph (ii), with effect from the appointed date be deemed to be an application made to the Economic
Commission established under Part II and shall be dealt with accordingly; and
relating to licensed zones and enterprises located therein shall, with effect from the appointed date be deemed to be an application made to the Zones SL established under Part III and shall be dealt with accordingly;
all sums of money lying to the credit of the Fund of the BOI and existing on the day immediately preceding the appointed date shall, with effect from the appointed date stand transferred to the Fund of the Economic Commission established under
Part II;
all suits, actions or other legal proceedings instituted by or against the BOI-
and pending on the day immediately preceding the appointed date shall, subject to the provisions of subparagraph (ii), be deemed, with effect from the appointed date to be suits, actions or other legal proceedings instituted by or against the Economic
Commission; and
in respect of licensed zones or enterprises located therein, with regard to the matters that fall within the purview of the Zones SL and pending on the day immediately preceding the appointed date shall, be deemed with effect from the appointed date to be suits, actions or other legal proceedings instituted by or against the Zones SL under Part III:
Provided however, any suit, action or other legal proceeding instituted by or against the BOI pertaining to matters that fall within the purview of both the Economic
Commission and Zones SL and pending on the day immediately preceding the appointed date shall, with effect from the appointed date be deemed to be suits, actions and other legal proceedings instituted by or against both the
Economic Commission and Zones SL;
all interests, rights, assets, obligations, debts and liabilities of the BOI-
and pending on the day immediately preceding the appointed date shall, subject to the provisions of subparagraph (ii), be deemed with effect from the appointed date to be the interests, rights, assets, obligations, debts and liabilities of the Economic
Commission; and
in respect of licensed zones and enterprises located therein and pending on the day immediately preceding the appointed date shall be deemed, with effect from the appointed date deemed to be interests, rights, assets, obligations, debts and liabilities of the
Zones SL;
the officers and employees of the BOI, holding office on the day immediately preceding the appointed date -
shall be deemed, with effect from the appointed date to be officers and employees of the Economic Commission, on terms and conditions not less favourable than the terms and conditions of employment to which they were entitled; and
attached to licensed zones, shall be deemed, with effect from the appointed date to be officers and employees of the Zones SL, on terms and conditions not less favourable than the terms and conditions of employment to which they were entitled:
Provided that the period that an employee served with the BOI shall be taken into consideration when calculating the statutory payments that are payable to such employee;
the officers and employees of the BOI, holding office on the day immediately preceding the appointed date who do not opt to join the service of the Economic Commission or the Zones SL, shall be paid such compensation in terms of a voluntary retirement scheme as shall be prescribed by the
Minister:
Provided that such voluntary retirement scheme shall be published on a date not more than one month after the appointed date and every officer or employee deemed to be an officer or employee of the Economic Commission or Zones SL under paragraph (m) shall communicate his option within one month of the date of publication of the voluntary retirement scheme.
Without prejudice to the powers vested in the
Economic Commission or Zones SL under this Act, the
Economic Commission or Zones SL, as the case may be, shall continue to exercise all powers exercised by the BOI in respect of and over Areas of Authority, licensed zones, licensed enterprises and area enterprises, established in terms or under the authority of the repealed Law. Without limiting the general powers that shall be exercised by the Economic
Commission or Zones SL, as the case may be, in that respect, the powers set out in the repealed Law under sections 5, 16,
17, 18, 20, 20A, 21, 22, 22A, and 24 shall continue with full force and effect:
Provide however, the provisions of this subsection shall not be in derogation of the powers or functions exercised or discharged by the Economic Commission or
Zones SL, as the case may be, in relation to the management or operation of Areas of Authority, licensed zones, licensed enterprises and area enterprises, as the case may be.
The Economic Commission shall have the power to make by-laws for the purpose of amending, rescinding or altering all by-laws deemed to be made by the BOI and all by-laws made by the BOI under sections 21 and 22 of the repealed Law and in force on the day immediately preceding the appointed date.