SRI LANKA EXPORT CREDIT INSURANCE
CORPORATION ACT

Arrangement of Sections

1. Short title.

PART I

CONSTITUTION OF THE SRI LANKA EXPORT CREDIT INSURANCE CORPORATION

2. Establishment of the Sri Lanka Export Credit Insurance Corporation.

3. Constitution of the Board of Directors of the Corporation.

4. Board to exercise its powers under the directions of the Minister.

PART II

OBJECTS, POWERS AND FUNCTIONS

5. Objects.

6. Powers, duties and functions of the Corporation.

PART III

BOARD OF DIRECTORS

7. Disqualification from membership.

8. Period of office of members.

9. Resignation of members of the Board.

10. Removal of members.

11. Remuneration of members.

12. Meetings of the Board.

13. Member to disclose any interest in contract proposed to be made by the Corporation.

14. Acts not invalidated by reason of a vacancy.

15. The seal of the Corporation.

PART IV

FINANCE

16. Capital of the Corporation.

17. Government guarantee.

18. Maximum liability of the Corporation.

19. Fund.

20. Accounts and audit.

21. Application of the profits.

22. Signature of documents by a Director on behalf of the Board.

PART V

STAFF OF THE CORPORATION

23. Chairman of the Board to function as the Managing Director of Corporation.

24. Appointment of officers and servants.

25. Directors, officers and servants of the Corporation deemed to be public servants.

26. Corporation deemed to be a scheduled institution within the meaning of the Bribery Act.

PART VI

GENERAL

27. Liability for damage of loss suffered by the Corporation.

28. Protection for action taken under this Act or on the direction of the Board.

29. Secrecy.

30. Service of notices.

31. Regulations.

32. Offences.

33. Transfer of assets and liabilities of Packing Credit Guarantee and Export Performance Guarantee Scheme to the Corporation.

34. Contribution to share capital possible notwithstanding the provisions of the Insurance Corporation Act.

35. This Act to operate notwithstanding the provisions of the Insurance Corporation Act.

36. This Act to operate notwithstanding the provisions of the Monetary Law Act.

37. Application of company law to the corporation.

38. Provisions of this Act to prevail over other laws.

15 of 1978.

AN ACT to provide for the establishment of the Sri Lanka Export Credit Insurance Corporation and for matters connected therewith or incidental thereto.

[Date of Commencement: 15th December, 1978]

1. Short title.

This Act may be cited as the Sri Lanka Export Credit Insurance Corporation Act.

PART I

CONSTITUTION OF THE SRI LANKA EXPORT CREDIT INSURANCE CORPORATION

2. Establishment of the Sri Lanka Export Credit Insurance Corporation.

(1) There shall be established a Corporation which shall be called the Sri Lanka Export Credit Insurance Corporation (hereinafter referred to as the "Corporation”).

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

(3) The head office of the Corporation shall be in Colombo and the Corporation may with the prior approval of the Minister establish branch offices within or outside Sri Lanka.

3. Constitution of the Board of Directors of the Corporation.

(1) The management and the administration of the affairs of the Corporation shall be vested in a Board of Directors (hereinafter referred to as the "Board”) which shall consist of the following members appointed by the Minister—

(a) a Chairman in consultation with the Minister in charge of the subject of Finance;

(b) an officer of the Central Bank of Ceylon nominated by the Monetary Board;.

(c) an officer of the Insurance Corporation of Ceylon nominated by the Board of Directors of the Insurance Corporation of Ceylon;

(d) an officer of the Ministry charged with the subject of Trade; and

(e) an officer of the Ministry charged with the subject of Finance nominated by the Minister in charge of the subject of Finance.

(2) The provisions of Part III of this Act shall apply to the members of the Board.

4. Board to exercise its powers under the directions of the Minister.

The Board may exercise, discharge and perform the powers, functions and duties of the Corporation subject to such general or special directions as the Minister may issue from time to time and it shall be the duty of such Board to comply with such directions.

PART II

OBJECTS, POWERS AND FUNCTIONS

5. Objects.

The objects of the Corporation shall be—

(1) to issue insurance policies to exporters of goods and services against non-receipt or delayed receipt of payments resulting from commercial and non-commercial risks;

(2) to issue guarantees to banks and other financial institutions to facilitate the granting of pre-shipment and post-shipment finance;

(3) to issue guarantees to persons or institutions abroad in connection with goods exported by any person or institution from Sri Lanka or for the due performance of any services to be rendered to such persons or institutions within or outside Sri Lanka;

(4) to provide financial assistance to exporters for the promotion and development of export of goods and services from Sri Lanka;

(5) to provide guarantees to exporters against losses that may be sustained in undertaking market surveys, publicity and any other promotional measures in foreign countries;

(6) to re-finance and provide refinancing facilities to banks and other financial institutions in respect of credit facilities granted by such banks and institutions for the promotion of exports;

(7) to undertake market studies abroad for promotion of exports from Sri Lanka and to conduct seminars and courses on various aspects of export promotion and to collect and disseminate information relating to marketing possibilities and procedures;

(8) to act as agent of the Government, or with the approval of the Government on its own account, to provide insurance and guarantees, undertake such responsibilities and discharge such functions as are considered by the Government as necessary in the national interest;

(9) to help exporters to diversify and expand exports, find new markets and sell their goods abroad on competitive terms of payment; and

(10) to discharge such other functions as the Corporation may consider as necessary for the achievement of any of its objects.

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Recent Updates

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


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