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Contents

Part III

84. Rights and obligations of investment zones developer or operator

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

(1)

An investment zones developer or operator shall have the right to-

(a)

act or appoint, with the concurrence of the Zones

SL, an operator to undertake management and administration of the investment zone on its behalf subject to such regulations and other licensing requirements as may be prescribed;

(b)

lease or sublease land or buildings to licensed investment zone operators and enterprises and charge rent or fees for other services that may be provided;

(c)

acquire investment zone lands or other assets;

(d)

develop, operate and service investment zones lands and other assets in conformity with applicable regulations and laws and its licences;

(e)

provide utilities and other services in the investment zone, in accordance with its licence and to charge fees for such services;

(f)

provide utilities and other services outside the investment zone in conformity with applicable written law;

(g)

enter into contracts with private third parties for the development, operation and servicing of investment zone lands and other assets, including on-site and off-site infrastructure;

(h)

enter and freely participate in international financial markets, without any legal impediments or restrictions to obtain funds, credits, guarantees, and other financial resources; and

(i)

advertise and promote the investment zone for which it holds a licence to potential investors and service providers.

(2)

An investment zone developer shall, in such manner as may be prescribed-

(a)

perform such physical development works or make such improvements to the investment zone site and its facilities as may be required according to the plans approved by the Zones SL;

(b)

provide adequate enclosures to segregate the zone area from the customs territory for the protection of revenue together with suitable provisions for the movement of persons, conveyances, vessel and goods entering or leaving the zone;

(c)

provide or cause to be provided adequate security on the site, as may be determined by the Zones SL in its licence;

(d)

adopt and enforce regulations within the investment zone that promote safe and efficient business operations;

(e)

maintain adequate and proper accounts and other records in relation to its activities, employment statistics, business and report on zone activities, performance and development to the Zones SL on a periodic basis or as required by the Zones SL; and

(f)

register all lease with the Zones SL.

(3)

The accounts and records required under paragraph (e) of subsection (2) shall be maintained in any of the official languages.

(4)

An investment zone developer or an operator who fails to maintain adequate and proper accounts and other records as required by this section or fails to comply with the rules or regulations made under this Part commits an offence and shall be liable on conviction to a fine not exceeding three million rupees or to an amount equivalent to not less than ten thousand United States Dollars (USD) or to imprisonment for a term not exceeding six months or to both.