View All - 1961 Acts	Section No :
Acts & Ordinances CEYLON PETROLEUM CORPORATION Marginal Notes 1. This Act may be cited as the Ceylon Petroleum Corporation Act, No. 28 of 1961. 2. Establishment of Ceylon Petroleum Corporation. 3. Seal of the Corporation. 4. Members of the Corporation. 5. General objects of the Corporation. 5A. Meaning of the expression " appointed date "[ 4, 5 of 1963.] 5B. Exclusive right to import, export, sell, supply or distribute petroleum of certain classes or descriptions vested in the Corporation. 5C. Power of Minister by Order to vest the exclusive right in the Corporation to import, export, sell, supply or distribute petroleum of certain classes or descriptions.[4,5 of 1963] 5D. Exclusive right to explore for, &c, petroleum vested in the Corporation.[4,5 of 1963] 5E. Power of Board of Directors to authorize persons to sell, &c, petroleum of certain classes or descriptions.[4,5 of 1963] 5F. Control of the establishment and maintenance of equipment and facilities for the exploration, &c, of petroleum.[4,5 of 1963] 5G. Control of the disposal of equipment and facilities intended for the exploration, &c., of petroleum.[4,5 of 1963] 5H. Special provisions applicable to the power of granting written authorities conferred on the Minister, authorized officers and the Board of Directors.[4,5 of 1963] 5L. Meaning of the expression " authorized officer ".[4,5 of 1963] 5J. Special provisions relating to employees of persons who were carrying on business as importer and seller, &c., of petroleum.[4,5 of 1963] 6. Powers of the Corporation. 7. Powers of the Minister in relation to the Corporation. 8. Board of Directors. 9. Remuneration of Directors. 10. Director to disclose interest in contract proposed to be made by the Corporation. 11. Quorum for any meeting of Board of Directors. 12. Chairman of any meeting of the Board of Directors to have a casting vote. 13. Regulation of procedure. 14. The Board of Directors may act despite vacancy. 15. General control of the Corporation. 16. Delegation of powers and duties of Board of Directors. 17. Chairman and Vice _ Chairman of Board of Directors. 18. The General Manager. 19. Appointment of public officers and officers and servants of the Local Government Service and of any local authority to the staff of the Corporation. 20. Officers and servants of the Corporation deemed to be public servants. (Cap. 19.) 21. The Corporation deemed to be a scheduled institution within the meaning of the Bribery Act. Cap. 26. 22. Section - 22 23. Capital of the Corporation. 24. Borrowing powers of the Board of Directors. 25. Investments of funds of the Corporation. 26. Petroleum Corporation Stock. 27. Government guarantee. 28. Application of the revenue of the Corporation. 29. Reserves. 30. Accounts. 31. Audit of accounts. 32. Auditor's report and transmission of report and balance sheet, &c., to the Minister. 33. Exemption from taxes. 34. Notice of claim or disclaimer in respect of property required for the purposes of the Corporation. 35. Compulsory transfer to the Corporation of certain property. 36. Requisition of notified property and compulsory acquisition of requisitioned property. 37. Revocation of vesting order. 38. Taking possession of property-vested in, or requisitioned for, the Corporation. 39. Prevention of or obstruction to taking possession of property for or on behalf of the Corporation. 40. Acquisition of immovable property under the Land Acquisition Act for the Corporation. 41. Special grant or lease of Crown property to the Corporation. {Cap. 454.} 42. Power to require information and to inspect. 43. Power of Corporation to make use of equipment and facilities of other persons. 44. Notice to persons entitled to make claims to the compensation payable under this Act in respect of any property vested in or requisitioned for the Corporation. 45. Provisions to be complied with by the Chairman on the receipt of claims to compensation. 46. Reference to the Compensation Tribunal for an award as to compensation in respect of any property vested in or requisitioned for the Corporation. 47. Compensation in respect of properties vested in the Corporation. 48. Compensation in respect of property requisitioned for the Corporation. 49. Proportionate payment of compensation, and interest on compensation, until date of payment. 50. When compensation in respect of vested property accrues due. 51. Right to compensation. 52. Deductions from compensation. 53. Mode of payment of compensation. 54. Provision for cases where compensation is not accepted, &c. 55. Constitution of the Compensation Tribunal. 56. Remuneration of members, officers and servants of the Tribunal and expenses of the Tribunal. 57. Meetings of the Tribunal. 58. Proceedings before Tribunal. 59. Power to summon witnesses, &c. 60. Persons giving evidence bound to state the truth. 61. Determination of the Tribunal. 62. Tribunal may regulate its procedure at meetings. 63. Chairman of the Board of Directors and claimants to compensation to be given an opportunity of being heard before the making of an award. 64. Provision in regard to evidence. 65. An award as to compensation by the Tribunal on a reference. 66. Order fixing prices and prescribing conditions of sale of petroleum. 67. Exemption of the Corporation from stamp duty and registration fees. 68. Regulations. 69. Offences and penalties. 70. Power of Board of Directors to compound claims. 71. Liability of directors and certain officers of a body corporate for offence committed by that body. 72. Provision in regard to mortgage and leases. 73. Power of companies, &c., to enter into contracts with the Corporation. 74. Protection for action taken under this Act or on the direction of the Board of Directors. 75. No writ to issue against person or property of a member of the Corporation. 76. This Act to prevail over other written laws. 77. Rectification of failures and omissions. 78. Interpretation.