4. Replacement of section 3 of the principal enactment

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

Section 3 of the principal enactment is hereby repealed and the following section is substituted therefor: -

of a

(1)

There shall be a Committee appointed by the Cabinet of Ministers (hereinafter referred to as the “Committee”), subject to the succeeding provisions of this section to exercise, perform and discharge the powers, duties and functions hereinafter set out.

exercise, powers, duties and functions

(2)

The Committee shall consist of the following:–

(a)

ex-officio members–

(i)

the Secretary to the Ministry of the Minister assigned the subject of Petroleum, who shall be the Chairman of the

Committee;

(ii)

the Secretary to the Treasury or his nominee not below the rank of Director-General of the Treasury;

(iii)

the Secretary to the Ministry of the Minister assigned the subject of Economic Policy

Development;

(iv)

the Secretary to the Ministry of the Minister assigned the subject of Investment

Promotion;

(b)

the Chairman or Managing-Director of the

Ceylon

Petroleum

Corporation, established under

Ceylon Petroleum Corporation Act,

No. 28 of 1961, nominated by the

Minister;

“Appointment

Committee to perform and discharge the under this Act

(c)

two members appointed from among persons who have achieved eminence in the field of petroleum industry or law.

(3)

A member of the Committee appointed under paragraph (c) of subsection (2), shall hold office for the period of two years from the date of appointment unless such member resigns the office by letter addressed to the Cabinet of

Ministers or, is removed from office by the

Cabinet of Ministers, for reasons assigned.

(4)

The quorum for any meeting of the

Committee shall be five members and the

Committee may regulate the procedure, in regard to the meetings of the Committee and the transaction of business at such meetings.”.

Read on from s 5