97. 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 a decision on such matter to the Governor of the

Central Bank.

(2)

Where on receipt of any communication under subsection (1) the Governor of the Central Bank 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 assignments and transmissions.

(4)

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

(5)

The provisions of this Chapter shall have no application to a licence referred to in subsection (2) of section 86.

CHAPTER

XVIII

SURRENDER AND NULLITY OF PATENT

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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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Part VIII

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Part IX

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Part X

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Part XI

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