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Part VI · Incorporation of Limited Companies Under the Companies Act…

Section 17

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

Incorporation of Limited Companies under the Companies Act, No. 07 of 2007 and the vesting therein of the restructured activities of the Ceylon Electricity Board

(1)

There shall be incorporated in terms of the

Companies Act, No.07 of 2007, such number of limited companies as may be required, in terms of the structure of the Electricity Industry described in Schedule I:

Provided that, the Articles of Association of each of such limited companies shall be prepared in accordance with the provisions of this Act. Subject to the provisions of the

Companies Act No. 07 of 2007, the Articles of Association of each of such limited companies so incorporated shall also specify in detail the activities to be vested by operation of law, in each of such limited companies.

(2)

(a)

On the appointed date, by virtue of the operation of the provisions of this section, the restructured activities of the Ceylon Electricity Board relating to the generation, transmission, distribution and supply of electricity, and all assets and liabilities of the Ceylon Electricity Board pertaining to generation, transmission, distribution and supply of electricity along with their respective duties and functions shall vest in the limited companies incorporated in terms of subsection (1), in accordance with the scheme set out in the transfer plan specified in section 18.

(b)

The Secretary to the Treasury shall be initially allotted hundred per centem of the shares in the successor companies incorporated under this section other than the companies referred to in items (a), (f) and (h) (ii) of Schedule

I in which the Secretary to the Treasury shall be permanently allotted hundred per centem of the shares.

(3)

If after the requirements of subsections (1) and (2)

have been completed it is apparent that one or more residual companies are required to be incorporated for the transfer plan to be fully implemented, such required number of residual companies shall be incorporated in the manner provided for in the Companies Act, No.07 of 2007, and the provisions of subsections (1) and (2) of this section shall, mutatis mutandis, be applicable in relation to such residual companies.

Read on from s 18

Part VII

Licensing

Read on from Part VII

Part VIII

Tariffs

Read on from Part VIII

Part IX

Wholesale Electricity Market

Read on from Part IX

Part X

Consumer Protection

Read on from Part X

Part XI

Finance

Read on from Part XI

Part XII

Miscellaneous

Read on from Part XII

Part XIII

General

Read on from Part XIII

Part XIV

Repeals and Transitional Provisions

Read on from Part XIV

Schedules