18. Interpretation

In this Act, unless the context otherwise requires–

“bank” means a bank licensed under the provisions of the Banking Act, No. 30 of 1988;

“shipbroking business” means a professional service carried out by companies and individuals in the industry of shipping business;

“shipping business” includes ship sale and purchase, ship management, dry cargo chartering, tanker chartering, port agency, liner trades, logistics and multimodal transport, port and terminal management, ship finance, shipping law, insurance, bunkering and ship classification;

“law” shall have the same meaning assigned to such expression in the Constitution;

“local authority” means any Municipal Council,

Urban Council or Pradeshiya Sabha and includes any authority created or established by, or under, any law to exercise, perform or discharge the powers, duties and functions corresponding to or similar to the powers, duties and functions exercised, performed or discharged by any such Council or Sabha;

“public corporation” means any corporation, board or other body which was or is established by or under any written law other than the

Companies Act, No. 07 of 2007, with funds or capital wholly or partly provided by the

Government by way of grant, loan or otherwise;

and

“written law” means any law and subordinate legislation including statutes made by a

Provincial Council and regulations made under such statutes, Orders, Proclamations, Rules, By-Laws and Regulations made or issued by any body or person having power or authority under any law to make or issue the same.