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srilawsby aturio
As enacted
Contents

9. Interpretation

Official English translation. The Sinhala text prevails.

In this Act—

“Competent Authority” means a Competent

Authority appointed under section 3;

“person” includes an individual or any body of persons corporate or unincorporated;

“Underutilized Asset” means—

(a)

land that was owned by the Government or a

Government Agency and alienated within a period of twenty years prior to the date of the

Revival of Underperforming Enterprises or coming into operation of this Act to any person, by transferring freehold or leasehold rights or through a divestiture on the basis that the related operations proposed to be carried out on such land will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public, but where such benefits as aforesaid have not accrued, being prejudicial to the national economy and public interest ;

(b)

land owned by a person that had been granted within a period of twenty years prior to the date of the coming into operation of this Act, either, any tax incentives under any law relating to the imposition and recovery of any tax, incentives under the Board of

Investment of Sri Lanka Law, No. 4 of1978

or regulations framed there under, or any

Government Guarantees, on the basis that the related operations proposed to be carried out by such person will result in generating employment, foreign exchange earnings or savings or economic activities, beneficial to the public, but where such benefits as aforesaid have not accrued, being prejudicial to the national economy and public interest;

“Underperforming Enterprise” means a company or other authority, institution or body established by or under any written law for the time being in force, in which the Government owns shares and where the Government has paid contingent liabilities of such enterprise and the Government is engaged in protracted litigation with regard to such Enterprise, which is prejudicial to the national economy and public interest.

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