View All - 1970 Acts Section No : Acts & Ordinances SRI LANKA STATE TRADING CORPORATIONSMarginal Notes1. This Act may be cited as the Sri Lanka State short title. Trading Corporations Act, No. 33 of 1970.2. Establishment of Corporations. 3. Objects of the Corporation. 4. Principal place of business of the Corporation. 5. General powers of the Corporation. 6. Powers of the Minister. 7. Seal of the Corporation 8. General control of t lie Corporation and exercise of its powers. 9. Members of the Corporation. 10. Board of Directors. 11. Remuneration of Directors. 12. Director to disclose interest in contract proposed to be made by the Corporation. 13. Quorum for any meeting of the Board of Directors. 14. Board of Directors may act despite vacancy. 15. Chairman of Board of Directors. 16. Presidency at meetings. 17. General Manager 18. Appointment of public officers to the staff of the Corporation. 19. Officers and servants of the-Corporation deemed to be public servants Cap. 19. 20. Corporation deemed to be a scheduled institution within the meaning of the Bribery Act Cap. 26. 21. Capital of the Corporation. 22. Borrowing powers of the Board of Directors. 23. General duties of the Corporation in financial matters. 24. Application of the revenue of the Corporation. 25. Reserves. 26. Accounts. 27. Audit of accounts. 28. Acquisition of immovable property under the Land Acquisition Act Cap. 460. 29. Notice of claim or disclaimer in respect of property required for purposes of the Corporation. 30. Compulsory transfer to the Corporation of certain property. 31. Requisitioning of notified property for the purpose of the Corporation. 32. Compulsory acquisition of requisitioned property. 33. Revocation of vesting Orders. 34. Taking possession of property vested in or requestioned for the Corporation.35. Prevention of or obstruction to taking possession of property for and on behalf of Corporation.36. Grants or leases of immovable property to the Corporation under the Crown lands Ordinance.37. Power to require information and' to inspect. 38. Power of Corporation to make use of equipment and facilities of other persons.. 39. Power of Minister by Order to vest in the Corporation the exclusive right to engage in or carry on any specified Business. 40. Power of Board of Directors to grant to persons, other than the Corporation, authority to engage in or carry on any Specified Business of the Corporation. Cap. 124. 41. Compensation in respect of property Tested in the Corporation. 42. Compensation in respect of property requisitioned for the Corporation. 43. No compensation for damage or loss incurred by reason of the fact that the exclusive right to engage in or carry on any Specified Business is vested in the Corporation. 44. Interest on compensation. 45. Date of commencement of accruement of compensation. 46. Mode of payment of compensation. 47. Determination of compensation. 48. Payment of compensation. 49. Provision for cases where compensation is not accepted, &c. 50. Deductions from compensation. 51. Regulations. 52. Powers of companies, &c, to enter into contracts with the Corporation. 53. Offences. 54. Protection for action taken under this Act or on the direction of the Board of Directors. 55. No writ to issue against person or property of a member of Corporation. 56. This Act to prevail over other written laws. 57. Interpretation.