CO-OPERATIVE WHOLESALE ESTABLISHMENT ACT

Arrangement of Sections

1. Short title.

2. Constitution and general objects of the Establishment.

2A. Powers of the Establishment.

2B. Special provisions as to directors of companies referred to in section 2A.

2C. Report of investments in companies to Parliament.

THE BOARD OF DIRECTORS

3. General control of the Establishment.

4. The board to be a body corporate.

4A. Seal of the board.

5. Constitution of the board and appointment of Chairman and Deputy Chairman of the board.

6. Term of office and qualification of members.

7. Removal of a member by the Minister.

8. Casual vacancies among members.

9. Acting appointments.

10. Remuneration of members.

11. Appointments to the staff of the board.

11A. Protection for employees of the board for acts done in good faith.

12. Transfer to board of stocks, equipment of the Cooperative Wholesale Establishment heretofore maintained by Government.

13. Certain contracts of Government deemed to be contracts of the board.

PROVISIONS RELATING TO THE FINANCES AND ACCOUNTS OF THE BOARD

14. Advances to the board by Government.

15. Power of board to borrow money.

16. Receipts and payments.

17. Accounts of the board.

18. Profit and loss account and balance sheet for each year.

19. Audit of accounts of the board.

20. The Auditor-General's report.

21. Annual accounts with Auditor-General's report to be transmitted to Minister.

22. Annual accounts, Auditor-General's report, and report of the board to be laid before meeting of representatives of certain cooperative societies.

23. Receipts on behalf of the board.

24. Application of net annual profits.

25. Repealed.

PROVISIONS RELATING TO DISPUTES

26. Disputes to be referred to Arbitration.

27. Arbitrators.

28. Selection of Umpire.

29. Award to be final.

30. Costs in Arbitration proceedings.

31. Enforcement of Award.

COMPULSORY ACQUISITION OF LANDS AND BUILDINGS FOR THE BOARD

32. Compulsory acquisition of lands and buildings.

POWERS OF THE MINISTER TO GIVE DIRECTIONS AND HOLD INQUIRIES

33. Minister's power to give directions to the board, and the furnishing of information by the board to the Minister.

34. Power to hold inquiry into the working of the board.

DISSOLUTION OF THE BOARD

35. Dissolution of the board.

36. Liquidator's powers.

37. Closure of liquidation.

PROVISIONS OF CERTAIN WRITTEN LAW INAPPLICABLE

38. Application of the Companies Ordinance.

39. Exemption of the board from stamp duty and registration fees.

REGULATIONS AND INTERPRETATION

40. Regulations.

41. Interpretation.

31 of 1978,

47 of 1949,

9 of 1950,

36 of 1955,

39 of 1957,

2 of 1961,

18 of 1965,

38 of 1966,

12 of 1969,

43 of 1982,

31 of 1991.

AN ACT to provide for the establishment and regulation of the Co-operative Wholesale Establishment.

[Date of Commencement: 1st July, 1950]

1. Short title.

This Act may be cited as the Co-operative Wholesale Establishment Act.

2. Constitution and general objects of the Establishment.

(1) An institution to be called "The Co-operative Wholesale Establishment” is hereby established.

(2) The general objects for which the Establishment is constituted are hereby declared to be—

(a) to procure and supply the requirements of co-operative societies;

(b) to carry on business as exporters and importers of, and as wholesale and retail dealers in, goods of every description;

[S 2(2)(b) subs by s 2 of Act 39 of 1957.]

(c) to carry on such other trade or business, including any agricultural or industrial undertaking or the business of banking or shipping, as may be approved by the Minister, with the concurrence of the Minister in charge of the subject of Finance.

[S 2(2)(c) subs by s 2 of Act 12 of 1969.]

(d) .

[S 2(2)(d) omitted by s 2 of Act 39 of 1957.]

(3) Nothing in subsection (2) shall be deemed to empower the Establishment to carry on the business of banking or of insurance, unless the Establishment is authorised so to do by regulations made under section 40 and except in accordance with and subject to such conditions and restrictions as may be prescribed. (In this subsection the words "or of insurance” has to be omitted at a statutory reprint, consequent to the amendment made to paragraph (c) of subsection (2) by section 38 of Act. (No. 2 of 1961.)

2A. Powers of the Establishment.

The Establishment shall have the power to do anything necessary for, or conducive or incidental to, the attainment of its objects, and in particular, but without prejudice to the generality of the power hereinbefore conferred to invest, or acquire or hold shares or stock in any public company carrying on, or engaged in, or about to carry on, or engage in, any business, being a company having objects similar or substantially similar to the objects of the Establishment, and to sell or otherwise dispose of such shares or stock.

[S 2A ins by s 2 of Act 38 of 1966; subs by s 2 of Act 31 of 1991.]

2B. Special provisions as to directors of companies referred to in section 2A.

The directors of every such company referred to in section 2A shall be citizens or Sri Lanka who shall not be Members of Parliament.

[S 2B ins by s 2 of Act 38 of 1966.]

2C. Report of investments in companies to Parliament.

The Minister shall report to the Parliament every investment, or acquisition or holding of shares and stock, in any company referred to in section 2A and such investment, acquisition or holding shall be deemed to have been approved unless specifically disapproved by Parliament within two months of the date on which the information was so reported.

[S 2C ins by s 2 of Act 38 of 1966.]

THE BOARD OF DIRECTORS

3. General control of the Establishment.

(1) The general supervision, control and administration of the affairs and business of the Establishment shall be vested in the board of directors of the Establishment.

[S 3 re-numbered as s 3(1) by s 3(1) of Act 12 of 1969.]

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NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015


NATIONAL TRANSPORT COMMISSION (AMENDMENT) ACT, NO. 6 OF 2017


ECONOMIC SERVICE CHARGE (AMENDMENT) ACT, NO. 7 OF 2017


CIVIL PROCEDURE CODE (AMENDMENT) ACT, NO. 8 OF 2017


OFFICE ON MISSING PERSONS (ESTABLISHMENT, ADMINISTRATION AND DISCHARGE OF FUNCTIONS) (AMENDMENT) ACT, NO. 9 OF 2017


IMMIGRANTS AND EMIGRANTS (AMENDMENT) ACT, No. 7 OF 2015