BOARD OF INVESTMENT OF SRI LANKA laW

Arrangement of Sections

1. Short title.

2. Establishment of the Board.

3. Objects of the Board.

4. Area of Area Authority.

5. Jurisdiction of Commission.

6. Constitution of Commission.

7. Remuneration and terms and conditions of service of members.

8. Disclosure of interest by member.

9. Regulation of procedure.

10. Quorum.

11. Appointment of Director-General of the Board.

12. Commission may delegate powers, duties and functions to the Director-General or the Additional Director-General.

13. Staff of the Board.

14. Office, departments and agencies of the Board.

15. Delegation of powers to departments.

16. General powers of the Board.

17. Powers of the Board in relation to any agreement with any enterprise.

18. Power of Commission to make rules.

19. Commission to comply with general policy of the Government.

20. Special powers in Area of Authority and licensed zones.

20A. Board's powers in relation to licensed enterprises.

21. Administration of Area of Authority.

22. Commission to be successor to local authorities dissolved under this Law.

22A. Establishment of licensed zones.

23. Commission to comply with directions issued by the Minister.

24. Regulations.

25. Powers of the Board in relation to Banks.

26. Disputes to be referred for arbitration.

26A. Board to be noticed before the issue of any enjoining order.

27. Special provisions relating to customs.

28. Compulsory acquisition of land in Area of Authority.

29. Inapplicability of certain law to enterprises.

30. Fund of the Board.

31. Audit of accounts.

32. Exemption of Commission from taxes.

33. Members, officers and servants of the Board deemed to be public servants.

34. Commission deemed to be a scheduled institution within the meaning of the Bribery Act.

35. Interpretation.

SCHEDULES

4 of 1978,

35 of 1980,

43 of 1980,

21 of 1983,

49 of 1992,

9 of 2002,

36 of 2009,

49 of 2011,

3 of 2012.

A LAW to establish the Board of Investment of Sri Lanka; to vest the said Board with powers necessary for the development and resurgence of the economy of the republic; and to provide for matters connected therewith or incidental thereto.

[Am by s 2 of Act 49 of 1992.]

[Date of Commencement: 9th March, 1978]

1. Short title.

This Law may be cited as the Board of Investment of Sri Lanka Law.

2. Establishment of the Board.

(1) There shall be established a Commission called The Board of Investment of Sri Lanka (hereinafter referred to as the "Commission”).

(2) The Board shall, by the name assigned to it under subsection (1), be a body corporate having perpetual succession and a common seal and may sue and be sued in its corporate name, and may perform such other acts as bodies corporate may by law perform.

[S 2 am by s 3 of Act 49 of 1992.]

3. Objects of the Board.

The objects of the Board shall be—

(a) to foster and generate the economic development of the Republic;

(b) to widen and strengthen the base of the economy of the Republic;

(c) to encourage and promote foreign investment within the Republic;

(d) to diversify the sources of foreign exchange earnings and to increase the export earnings;

(e) to encourage and foster the establishment and development of industrial and commercial enterprises within the Republic;

(f) to administer the affairs of the Area of Authority referred to in section 4; and

(g) to do all such other acts as may be necessary or conducive to the attainment of any or all of the above objects.

4. Area of Area Authority.

For the purposes of this Law, the Authority shall be the area depicted in the plan set out in Schedule A hereto.

5. Jurisdiction of Commission.

The Board shall have jurisdiction in and over—

(1) the Area of Authority;

(2) any licensed zone; and

(3) any licensed enterprise.

[S 5 subs by s 2 of Act 43 of 1980.]

6. Constitution of Commission.

(1) the Board shall consist of five members to be appointed by the President, one of whom shall be appointed as the Chairman of the Commission.

[S 6(1) subs by s 2(1) of Act 3 of 2012.]

(2) Every member shall hold office for a period of three years from the date of his appointment, unless he earlier vacates office by death, resignation or removal.

[S 6(2) am by s 2(2) of Act 3 of 2012.]

(3) Any member may resign his office by written communication addressed to the President.

(4) The President may, in his absolute discretion and without assigning any reason therefor, by Order published in the Gazette, remove any member with effect from the date of such publication.

(5) Upon the vacation of office by any member, the President may appoint any person to nil such vacancy and such person shall hold office for the unexpired period of the term of office of the member whom he succeeds.

(6) No act or proceeding of the Board shall be invalid by reason only of any vacancy among the members or any defect in their appointment.

(7) Where the Chairman is temporarily unable to discharge the duties of his office on account of ill-health, absence from the Republic or any other cause, the President may appoint any person to act in place of such member.

[S 6(7) am by s 4(2) of Act 49 of 1992; by s 2(3) of Act 3 of 2012.]

(8) the Chairman shall preside at all meetings of the Board and shall have a casting vote. In the absence of the Chairman from any meeting of the Board, a member elected by the members present shall preside at such meeting.

[S 6(8) ins by s 2(4) of Act 3 of 2012.]

7. Remuneration and terms and conditions of service of members.

The members of the Board shall be remunerated at such rates and in such manner and be subject to such terms and conditions of service, as may from time to time, be determined by the President.

8. Disclosure of interest by member.

Any member who, whether directly or indirectly, has any interest in any enterprise falling within the jurisdiction of the Board shall, at the first meeting of the Board held after the member became so interested, inform the Board in writing of the nature and extent of such interest and the Board shall forthwith communicate such matter to the President, and such member shall not, so long as he is so interested, at any meeting of the Board vote in arriving at any decision of the Board with respect to such enterprise or class or category of such enterprise.

9. Regulation of procedure.

The Board may make rules:

(a) for the regulation of procedure and the transaction of business at meetings;

(b) providing for the custody and manner of affixing its seal.

10. Quorum.

The quorum for a meeting of the Board shall be three members.

11. Appointment of Director-General of the Board.

(1) The President in consultation with the Board shall appoint the Director-General of the Board.

(2) The Director-General shall be the chief executive officer of the Board.

(3) The President in consultation with the Board may remove the Director-General from his office.

(4) The Director-General shall attend the meetings of the Board in an advisory capacity in connection with the activities of the Board but shall not have any voting rights thereat.

(5) The Board shall determine the remuneration and other benefits payable to the Director-General.

(6) The Director-General shall discharge his functions subject to the general direction and control of the Board.

(7) The Director-General may, with the approval of the Board delegate any power, function or duty conferred or imposed on or assigned to the Director-General to any employee of the Board and such employee shall excise, perform and discharge such power, duty or function subject to the general or special directions of the Director-General.

[S 11 subs by s 3 of Act 3 of 2012.]

12. Commission may delegate powers, duties and functions to the Director-General or the Additional Director-General.

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