58. Licence contracts involving payments abroad

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Where the Director-General has reasonable cause to believe that any licence contract or any amendment or renewal thereof—

(a)

which involves the payment of royalties abroad ; or

(b)

which by reason of other circumstances relating to such licence contract, is detrimental to the economic development of Sri Lanka he shall in writing communicate such fact to the Governor of the Central Bank and transmit all papers in his custody relevant to the matter which are essential to the making of a decision on such matter to the Governor of the Central Bank.

(2)

Where the Governor of the Central Bank on receipt of any communication under subsection (1) informs the

Director-General in writing that the said licence contract or any amendment or renewal thereof is detrimental to the economic development of Sri Lanka, the Director-General shall cancel and invalidate the record of such contract in the register.

(3)

The provisions of this section shall apply, mutatis mutandis, to assignment and transmissions.

(4)

The provisions of this Chapter shall apply mutatis mutandis, to sub-licences.

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Part IV

Chapter

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Part V

Chapter XIX Marks and Trade Names

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Part VI

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Part VII

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