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srilawsby aturio
As enacted
Contents

Part VIII · Petroleum Resources Development Fund

35. Establishment of the Petroleum Resources Development Fund

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

(1)

There shall be established a Fund to be called and known as the Petroleum Resources Development Fund

(hereinafter referred to as the "Fund") administered by the

Authority, into which shall be paid –

(a)

all such sums of money as may be voted by

Parliament;

(b)

the fees charged by the Authority under this Act;

(c)

all grants, donations, contributions, or any other income;

(d)

all monies collected in terms of Petroleum

Resources Agreements; and

(e)

the amount of fines recovered under this Act.

(2)

The Authority shall utilize the monies in the Fund –

(a)

towards meeting costs relating to the administration and development of the

Authority and providing remuneration and incentives to the staff;

(b)

to improve the facilities of the Authority;

(c)

to conduct such researches or operations as are necessary to preserve and protect the environment from any adverse impacts of petroleum operations;

(d)

to acquire and enhance such data as may be required to further understand the existence of potential petroleum resources of Sri Lanka;

(e)

to invest in knowledge transfer training and capacity building of staff and other employees of the Authority carrying out functions connected with the upstream petroleum industry for enhancing the management of the upstream petroleum sector; and

(f)

to pay all other such expenses as may be required to be incurred by the Board to achieve the objects of the Act.

(3)

The Authority shall at the end of every financial year credit to the Consolidated Fund, a sum amounting to ten per centum of the monies lying to the credit of the Fund.

Read on from s 36

Part IX

General Provisions

Read on from Part IX