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Contents

Part XII · State Owned Enterprises

57. Authority of the relevant Minister on State-Owned Enterprises

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

(1)

The relevant Minister shall not submit any proposal for the establishment of a State-Owned Enterprise in accordance with section 56 –

(a)

without having a clear justification of the requirement of such entity;

(b)

which is not under the purview of the portfolio of the Ministry of the relevant Minister;

(c)

if any other State-Owned Enterprise exists with similar functions under the Ministry of the relevant

Minister or any other Ministry; or

(d)

without considering the long term benefits and risks associated with such establishment or incorporation including the costs to the Government.

(2)

The relevant Minister shall ensure that -

(a)

every State-Owned Enterprise under his purview shall provide information required by the Minister of Finance including the submission of documents specified in section 61;

(b)

the annual budget of the State-Owned Enterprises is in line with the fiscal strategy statement; and

(c)

the annual budget of the State-Owned Enterprises reflects the risk factors and the strategies to mitigate those risks.

Part XIII

Provincial Councils and Local Authorities

Part XIV

Cadre Management

Part XV

Offences and Penalties

Part XVI

Miscellaneous Provisions

Part XVII

Repeals

Part XVIII

Interpretation