NATIONAL ENTERPRISE DEVELOPMENT AUTHORITY ACT

Arrangement of Sections

1. Short title.

Establishment of the National Enterprise Development Authority

2. Establishment of the National Enterprise Development Authority.

3. Constitution of the Board of the Authority.

4. Disqualification from being a member of the Board.

5. Removal and resignation of members.

6. Term of office of members.

7. Meetings of the Board.

8. Remuneration of members.

9. Acts not invalidated by reason of a vacancy.

10. Authority to comply with the general policy of the Government.

11. Seal of the Authority.

12. Declaration and management of Special Economic Zones.

Objects of the Authority and Powers, Duties and Functions of the Board

13. Objectives of the Authority.

14. Powers, duties and functions of the Board.

15. Powers of the Board to enter into any agreement.

16. Empowering of persons to act for Authority outside Sri Lanka.

17. Compulsory acquisition of Land.

18. State movable property to be made available to the Authority.

Finance

19. Fund of the Authority.

20. Financial year and audit of accounts.

Staff of the Authority

21. Director-General.

22. Staff of the Authority.

23. Appointment of officers and servants of public corporation to the staff of the Authority.

24. Authority to ensure that financial assistance given for carrying out development projects is utilised for same.

25. Authority not to transact business with enterprises in which a member has interest, unless approved by the Minister.

26. Directions of the Minister.

27. Authority deemed to be a scheduled institution within the meaning of the Bribery Act.

28. Members, officers and servants of the Authority deemed to be public servants.

29. Reimbursement of expenses.

30. Regulations.

31. Rules.

32. Exemption of Authority from payments of duties etc.

33. Authority to be vested with certain powers under the Urban Development Authority Law.

34. Sinhala text to prevail in case of inconsistency.

35. Interpretation.

SCHEDULES

17 of 2006,

18 of 2014.

AN ACT to provide for the establishment of the National Enterprise Development Authority to promote, support, encourage and facilitate enterprise development within Sri Lanka with special emphasis to the small and medium enterprise sector of the country; and for matters connected therewith or incidental thereto.

[Date of Commencement: 18th May, 2006]

1. Short title.

This Act may be cited as the National Enterprise Development Authority Act.

Establishment of the National Enterprise Development Authority

2. Establishment of the National Enterprise Development Authority.

(1) There shall be established an Authority which shall be called the National Enterprise Development Authority (hereinafter referred to as the “Authority”).

(2) The Authority shall, by the name assigned to it by subsection (1), be a body corporate and have perpetual succession and a common seal and may sue and be sued in such name.

3. Constitution of the Board of the Authority.

(1) The management of the affairs the Authority shall vest in a Board, appointed by the Minister which shall consist of the following—

(a) two ex-officio members, namely—

(i) the Secretary to the Treasury or his representative; and

(ii) the Secretary to the Ministry of the Minister to whom the Authority has been assigned or his representative; and

[S 3(1)(a) sub by s 2 of Act 18 of 2014.]

(b) seven appointed members chosen from among persons who have experience and knowledge in the fields of finance, trade, banking, agriculture, industry, technology and law (hereinafter referred to as “appointed members”).

(2) The Minister shall appoint one of the members of the Board to be the Chairman.

4. Disqualification from being a member of the Board.

A person shall be disqualified from being appointed as a member of the Board if—

(a) he is or becomes a member of Parliament or a Provincial Council or a local authority;

(b) he is not or ceases to be a citizen of Sri Lanka;

(c) he is under any law in force in Sri Lanka or in any other country found or declared to be of unsound mind;

(d) he is serving or has served a sentence of imprisonment imposed by any Court in Sri Lanka or any other country;

(e) he holds or enjoys any right or benefit under any contract made by or on behalf of the Authority;

(f) he is a person having been declared as an insolvent or a bankrupt person under any law in Sri Lanka or any other country and is undischarged insolvent or bankrupt.

5. Removal and resignation of members.

(1) An appointed member may resign his office by letter addressed to the Minister and such resignation shall be effective from the date on which it is accepted by the Minister.

(2) The Minister may for reasons assigned, remove an appointed member from office.

(3) Where a member of the Board dies, resigns or is removed from office the Minister shall, having regard to the provisions of section 3, appoint another member in his place.

(4) A member appointed under subsection (3) shall hold office for the unexpired period of the term of office of the member whom he succeeds.

6. Term of office of members.

(1) Subject to the provisions of subsections (1) and (2) of section 5, the term of office of an appointed member of the Board shall be three years unless he earlier vacates office by death, resignation or removal, and such member other than the member who is removed shall be eligible for reappointment.

(2) An appointed member who has been removed from office shall not be eligible for reappointment as a member of the Board or to serve the Authority in any other capacity.

7. Meetings of the Board.

(1) The Chairman of the Board shall, if present preside at every meeting of the Board. In the absence of the Chairman from any such meeting the members present shall elect one of the members present to preside at such meeting.

(2) The quorum for any meeting of the Board shall be four members.

(3) Subject to the preceding provisions of this section, the Board may regulate the procedure in regard to the meetings of the Board and the transaction of business at such meetings.

8. Remuneration of members.

The members of the Board shall be paid remuneration out of the Fund of the Authority at such rates as may be determined by the Minister, with the concurrence of the Minister in charge of the subject of Finance.

9. Acts not invalidated by reason of a vacancy.

No act, decision or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy in the Board or of any defect in the appointment of any member thereof.

10. Authority to comply with the general policy of the Government.

In the exercise of its powers, discharge of its functions and performance of its duties, the Authority shall comply with the general policy of the Government and with any general or special directions issued to it by the Minister in relation to the implementation of such policy,

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