REHABILITATION OF PUBLIC ENTERPRISES ACT

Arrangement of Sections

1. Short title.

2. Order vesting the management and administration of a privatised public enterprise in the Government.

3. Appointment of Competent Authority.

4. Vesting of shares of a privatised public enterprise in the Secretary to the Treasury.

5. Appointment of Compensation Tribunal.

6. Offences.

7. Applicability of the provisions of the Public Enterprises Reform Commission of Sri Lanka Act No. 1 of 1996.

8. Regulations.

9. Duration of this Act.

10. Application of the Act.

11. Sinhala text to prevail in case of inconsistency.

12. Interpretation.

29 of 1996.

AN ACT to provide for the Rehabilitation of Privatised Public Enterprises.

[Date of Commencement: 12th November, 1996]

1. Short title.

This Act may be cited as the Rehabilitation of Public Enterprises Act.

2. Order vesting the management and administration of a privatised public enterprise in the Government.

(1) Where the President is of opinion that in any privatised public enterprise there is, or is likely to be—

(a) a cessation of or a substantial reduction in the work of any of the units constituting the business undertaking of such enterprise; and

(b) non-employment or retrenchment of the workers of such enterprise or of a substantial number of such workers or, the non-payment of wages or statutory dues of, such workers or of a substantial number of such workers,

as a result only of any act or omission of the Board of Directors of such privatised public enterprise the President may, by Order published in the Gazette vest in the Government, the administration and management of the affairs of such privatised public enterprise and so long as such Order is in force the possession and control of all the immovable and movable property of such privatised public enterprise and its rights and liabilities shall vest in the Government.

(2) An Order made under subsection (1) in respect of a privatised public enterprise shall have the effect of authorising the Competent Authority appointed to manage and administer the affairs of such enterprise to take possession and control of all immovable and movable property and the assets of such enterprise and to use such property for the purposes of such enterprise.

(3) Every Order made under subsection (1) shall be laid before Parliament within four months of the date specified in such Order and if Parliament is not in session within fifty days of the commencement of the session next ensuing, by a motion that such Order be approved.

(4) Where

(a) Parliament refuses, within the period referred to in subsection (3) to approve an Order made under subsection (1);

(b) an Order made under subsection (1) is laid before Parliament within the period referred to in subsection (3)
but is not approved by Parliament within a period of four months calculated from the expiration of the period referred to in subsection (3);

such Order shall be deemed to have been revoked with effect from the date on which Parliament refuses to approve such order or the date of expiration of the period referred to in subsection (3), or paragraph (b) of this subsection, as the case may be.

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