View All - 1987 Acts Section No : Acts & Ordinances CONVERSION OF GOVERNMENT OWNED BUSINESS UNDERTAKINGS INTO PUBLIC CORPORATIONSMarginal Notes1. This Act may be cited as the Conversion of Government Owned Business Undertakings into Public Corporations Act, No. 22 of 1987.2. Establishment of Corporations to carry on business under takings vested in the Government. 3. Vesting of business undertakings in Corporation. 4. Board of Direction. 5. Seal of the Corporation. 6. Directions of the Minister. 7. Powers and. functions of the Board. 8. Capital of the Corporation. 9. Liability of the Corporation. 10. Government to hold shares in the Corporation. 11. Application of the provisions of the Finance Act, No. 38 of 1971. 12. Financial year and the audit of the Corporation. 13. Chief Finance Manager to submit a financial analysis. 14. Appointment of officers, servants and agents. 15. State property both movable and immovable to be made available to the Corporation. 16. Members officers and servants of the Corporation deemed to be public servants. 17. No writ to issue against person or property of a member of the Corporation. 18. Corporation deemed to be a Scheduled Institution within the meaning of the Bribery Act.