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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

2. Acquisition by Government of U n d e r-p e r f o r m i n g Enterprises and Underutilized Assets

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

(1)

With effect from the date of the coming into operation of this Act, where the Underperforming Enterprise or Underutilized Assets specified in Schedule I or

Schedule II to this Act, are having an adverse impact on the national economy and thereby on the public interest, the shares of such Underperforming Enterprise and the

Underutilized Assets shall with effect from the date of coming into operation of this Act, stand vested in the

Secretary to the Treasury for and on behalf of the State.

(2)

It shall be the duty of the Competent Authority appointed under section 3 to control, administer and manage or otherwise ensure the revival in keeping with the policy of the Government, through alternate methods of utilization, such as restructuring or entering into management contracts with regard to such Underperforming Enterprise and

Uunderutilized Assets vested with the Secretary to the

Treasury in terms of subsection (1).

(3)

No person who was a Director of the Board of

Directors of an Underperforming Enterprise which is vested in the Secretary to the Treasury in terms of subsection (1), shall exercise, perform or discharge any power, duty or function with respect to such Enterprise unless expressly authorized to do so in writing by the

Competent Authority.

Read on from s 3

Schedules