INDUSTRIAL DEVELOPMENT act

Arrangement of Sections

1. Short title.

2. Establishment of the Industrial Development Board of Ceylon.

PART I

ESTABLISHMENT OF AN INDUSTRIAL ADVISORY COUNCIL AND INDUSTRIAL PANELS

3. Industrial Advisory Council and its functions.

4. Establishment of Industrial Panels and their function.

5. Expenses of the administration of Industrial panels.

PART II

ESTABLISHMENT AND ADMINISTRATION OF THE INDUSTRIAL DEVELOPMENT FUND

6. The Industrial Development Fund.

7. Payments into the Fund.

8. Donations to the Fund.

9. Mode of payment of fees and taxes to the Fund, referred to in section 7.

10. Administration of the Fund.

11. Payments out of the Fund.

12. Industrial development cess.

PART III

INDUSTRIAL DEVELOPMENT BOARD OF CEYLON; ITS OBJECTS AND CONSTITUTION

13. Industrial Development Board of Ceylon.

14. Board to be body corporate.

15. Objects of the Board.

16. Board to exercise its powers to fulfill its objects.

17. Constitution of the Board.

18. Disqualification.

19. Terms of office of members.

20. Appointment of acting members.

21. Resignation and removal of the members.

22. Eligibility of members for reappointment.

24. Procedure at meetings of the Board.

25. Vacancy among members not to invalidate acts of the Board.

26. Remuneration of members of the Board.

27. Seal of the Board.

28. Minister's directions the Board.

29. Members of the Board deemed to be public servants

30. Delegation of duties, functions and powers by the Board.

PART IV

DUTIES AND POWERS OF THE BOARD

31. Duties of the Board.

32. No duty of the Board to be enforceable in Court.

33. Powers of the Board.

PART V

FINANCE AND ACCOUNTS OF THE BOARD

34. Board to utilise its money

35. Accounts of the Board.

36. Financial year of the Board.

37. Audit of account of the Board.

38. The Auditor-General's report.

39. The Auditor-General's report and the report of the annual meeting of the Board to be transmitted to the Minister.

40. Exemption from customs duty.

41. Power to borrow.

PART VI

STAFF AND DEPARTMENTS OF THE BOARD

42. Staff of the Board.

43. Agencies, departments and divisions of the Board.

44. Appointment of public officers to the staff of the Board.

PART VII

GENERAL

45. Regulations.

46. Power of Board to compound claims.

47. Board deemed to be a scheduled institution within the meaning of the Bribery Act.

48. Returns and the information.

49. Power of companies to enter into contracts with the Board.

50. Transfer of State property and certain contracts and liabilities to the Board.

51. Power to acquire land Compulsorily.

52. Exemption from provisions of certain Ordinances.

53. Expenses incurred for action taken under this Act on the direction of the Board.

54. Board to take over the business of certain Corporations.

55. This Act to have precedence over other written law.

56. Interpretation.

36 of 1969.

AN ACT to provide for the encouragement, promotion and development of Industries in Sri Lanka; to establish a public authority known as the Industrial Development Board of Ceylon; to set up an Industrial Advisory Council and Industrial Panels; to provide for the establishment of an Industrial Development Fund, and to make provision for matters connected therewith or incidental thereto.

[Date of Commencement: 29th January, 1970]

1. Short title.

This Act may be cited as the Industrial Development Act.

2. Establishment of the Industrial Development Board of Ceylon.

For the purposes set out in this Act, there shall be established in accordance with the succeeding provisions of this Act—

(a) an Industrial Advisory Council,

(b) such number of Industrial Panels as the Minister may determine,

(c) a fund called the Industrial Development Fund, and

(d) a board called the Industrial Development Board of Ceylon, hereinafter referred to as the "Board”.

PART I

ESTABLISHMENT OF AN INDUSTRIAL ADVISORY COUNCIL AND INDUSTRIAL PANELS

3. Industrial Advisory Council and its functions.

(1) There shall be a Council of persons which shall be called "The Industrial Advisory Council, hereinafter referred to as ”the Council ", to advise the Minister on the matters connected with the promotion and development of industries in Sri Lanka.

(2) The Council shall consist of a Chairman and such other members not exceeding twenty in number, appointed by the Minister. Subject to the provisions of this Act, the functions and duties of the Council shall be prescribed by regulation.

4. Establishment of Industrial Panels and their function.

(1) The Minister may establish Industrial Panels for any class or group industries or for any prescribed matters connected with the development of industries

(2) Each Industrial Panel, hereinafter referred to as the "panel”, shall consist of Chairman and such other members as may be appointed by the Minister. The functions and duties of the Panel shall be prescribed by regulation.

5. Expenses of the administration of Industrial panels.

The expenses of the administration of the Industrial Panels (including remuneration of members of the Panels) shall be borne by the Board.

PART II

ESTABLISHMENT AND ADMINISTRATION OF THE INDUSTRIAL DEVELOPMENT FUND

6. The industrial Development Fund

There shall be established with the General Treasury a fund called the Industrial Development Fund, hereinafter referred to as the "Fund”, for the encouragement, promotion and development of industries in Sri Lanka.

7. Payments into the Fund.

There shall be paid into the Fund—

(a) the proceeds of the industrial development cess levied under section 12;

(b) the proceeds of licence fees on the importation of specified goods in the manner set out in section 9(1);

(c) the proceeds of the business turnover tax in respect of specified classes of business in the manner set out in section 9 (2);

(d) all such sums of money as may from time to time be voted by Parliament for the purposes of the Fund;

(e) all money received as donations under section 8; and

(f) all such sums of money as are required to be paid into the Fund, under this Act or any other written law.

8. Donations to the Fund.

(1) The Secretary to the Treasury may receive and credit to the Fund any donations made by any person to the Fund.

(2) Where a person making a donation under subsection (1) specifies the purpose for which such donation is to be used, such donation shall be used only for such purpose.

9. Mode of payment of fees and taxes to the Fund, referred to in section 7.

(1) Where the Minister, with the concurrence of the Minister in charge of subject of Finance, specifies, for the purposes of section 7, any description of goods for the importation of which a licence fee is payable under regulations made under the Imports and Exports (Control) Act, the Controller of Imports and Exports shall credit the proceeds of the import control fees collected in respect of such goods to the Fund.

(2) Where the Minister, with the concurrence of the Minister in charge of the subject of Finance, specifies, for the purposes of section 7, any class or description of business, the business turnover tax collected in respect of such class or description of business by the Commissioner-General of Inland Revenue shall be credited to the Fund.

(3) In this section—

"Controller of Imports and Exports” means the Controller of Imports and Exports appointed under the Imports and Exports (Control) Act;

"business turnover tax” has the meaning assigned to it in the Business Turnover Tax Act;

"Commissioner-General of Inland Revenue” means the Commissioner-General of Inland Revenue within the meaning of that expression as defined in section 163 of the Inland Revenue Act (No. 28 of 1979).

(4) Regulations may be made in regard to all matters necessary for the effective collection and crediting to the Fund of the fees and taxes, referred to in section 7.

10. Administration of the Fund.

(1) The Fund shall be under the control and administration of the Deputy Secretary to the Treasury.

(2) The Deputy Secretary to the Treasury shall, as soon as possible after the end of each calendar year, prepare a report on the administration of the Fund.

(3) The Deputy Secretary to the Treasury shall cause to be maintained a full and appropriate account of the Fund in respect of each calendar year.

(4) The accounts of the Fund for each calendar year shall be audited by or under the direction of the Auditor-General.

(5) A report on the administration of the Fund (together with the report of the Auditor-General on the accounts of the Fund) shall be placed by the Minister before the Parliament.

11. Payments out of the Fund.

The Deputy Secretary to the Treasury shall pay out of the fund—

(a) to the Board such sums of money as the Minister may, in consultation with the Minister in charge of the subject of Finance, from time to time determine; and

(b) to any other institution or body of persons (whether corporate or unincorporate), such sums of money as the Minister may, with the concurrence of the Minister in charge of the subject of Finance, from time to time determine as being necessary for the promotion and development of industries in Sri Lanka.

12. Industrial development cess.

(1) For the purposes of this Act there shall be imposed, levied and paid, a cess, called the industrial development cess, in respect of any industry or industries, in such manner and of such amount as may from time to time, be determined by resolution of Parliament. The proceeds of such cess shall be credited to the Fund.

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