4. Shares of the Under-performing Enterprise to vest with the Secretary to the Treasury

Official English translation. The Sinhala text prevails.

(1)

The shares held by all share holders of the

Underperforming Enterprise which has vested in the

Secretary to the Treasury under subsection (1) of section 2

shall, with effect from the date of such vesting, other than where such shares are being held by the Secretary to the

Treasury, vest in the Secretary to the Treasury for and on behalf of the State.

(2)

The shareholder or shareholders or the owner or owners, as the case may be, of any Underperforming

Enterprise or Underutilized Assets as the case may be, shall—

(a)

where the shares of any Underperforming Enterprise, held by such shareholders or owners of such enterprise as on the date of the coming into operation of this Act, have vested with the Secretary to the

Treasury under subsection (1) of section 2; and

(b)

where such Underutilized Assets has, as on the date of the coming into operation of this Act, vested in the Secretary to the Treasury under subsection (1)

of section 2, be entitled to receive prompt, adequate and effective compensation in terms of the succeeding provisions of this

Act.

(3)

The compensation payable shall,—

(a)

in relation to an Underperforming Enterprise reflect the value of the shares held by each shareholder in such Enterprise; and

(b)

in relation to an Underutilized Asset, reflect the value of such Asset based on the ownership by one or more owners.

Revival of Underperforming Enterprises or

Read on from s 5

4. Shares of the Under-performing Enterprise to vest with the Secretary to the Treasury

Schedules