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As enacted
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Contents

Act of Parliament

Revival of Underperforming Enterprises or Underutilized Assets (Repeal) Act 2019

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

Official translationFrom Department of Government Printing, unchanged

s 1Short title

This Act may be cited as the Revival of

Underperforming Enterprises or Underutilized Assets

(Repeal) Act, No. 12 of 2019.

s 2Repeal of Act, No. 43 of 2011

The Revival of Underperforming Enterprises or

Underutilized Assets Act, No. 43 of 2011 (hereinafter referred to as the “repealed Act”) is hereby repealed.

s 3Avoidance of doubt

For the avoidance of doubt it is hereby declared that, with effect from the date of commencement of this Act, the

Underperforming Enterprises or Underutilized Assets, specified in Schedule I and Schedule II of the repealed Act vested in the Secretary to the Treasury for and on behalf of the State under section 2 of the repealed Act, and subsisting on the day immediately preceding the date of commencement of this Act, shall continue to be so vested in the Secretary to the Treasury for and on behalf of the State.

s 4Savings

Notwithstanding the repeal of the Revival of

Underperforming Enterprises or Underutilized Assets

Act, No. 43 of 2011—

(a)

all acts done under or pursuant to the repealed Act for the purpose of control, administration, management and revival as the case may be, of

Underperforming Enterprises or Underutilized

Assests including the issuing of shares and the execution of all contracts, deeds, bonds, agreements, memorandums of understanding, guarantees,

Revival of Underperforming Enterprises or powers of attorney, grants of legal representation and other instruments of whatever nature and all licences, permits and approvals obtained in relation or in pursuance thereto, shall continue to be valid and in force in accordance with the terms thereof;

(b)

unless otherwise determined by the Minister in charge of the subject of Finance with the concurrence of the Cabinet of Ministers—

(i)

all property movable or immovable including any building and any fixtures or fittings which are part of such building and any building appurtenant thereto or treated as part and parcel thereof;

(ii)

all liabilities incurred;

(iii)

all rights, powers, privileges, authorities, obligations, duties and interests;

(iv)

all books, accounts and documents, pertaining to such Underperforming Enterprises or

Underutilized Assets, subsisting on the day immediately preceding the date of commencement of this Act, shall be deemed to be the property movable or immovable, liabilities, rights, powers, privileges, authorities, obligations, duties, interest, books, accounts and documents of the person on whom it had been conferred or vested under or pursuant to the provisions of the repealed Act, as at the day immediately preceding the date of commencement of this Act;

(c)

any claim or inquiry initiated under the repealed

Act for compensation or an award made for compensation, pending settlement on the day

Revival of Underperforming Enterprises or immediately prior to the date of commencement of this Act shall be carried on and completed as if there had been no such repeal.

s 5Sinhala text to prevail in case of any inconsistency

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Revival of Underperforming Enterprises or