| 1.
| | This Act may be cited as the Ceylon Petroleum Corporation Act. |
| 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. (4, 5 of 1963.] |
| 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-] |
| 51.
| | 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] |
| 5K.
| | [10.5 of 1963.] |
| 6.
| | Powers of the Corporation. |
| 7.
| | Powers of the Minister in relation to the Corporation. |
| 8.
| | Board of Directors. [3, Law 2 of 1976] |
| 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 |
| 17.
| | Chairman of the Board of Directors and Managing Director. [4, Law 2 of 1976.] |
| 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. |
| 21.
| | The Corporation deemed to be a scheduled institution within the meaning of the Bribery Act- |
| 22.
| | Application and custody of the seal of the Corporation. |
| 23.
| | Capital of the Corporation. |
| 24.
| | Borrowing powers of the Board of Directors. |
| 25.
| | Investments of the 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. [57, 18 of 1965.] |
| 34.
| | Notice of claim or disclaimer in respect of property required for the purposes of the Corporation. [7, 1 Law 2 1976.] |
| 34A.
| | Petroleum found under the surface of the earth to vest in the Corporation. [8, Law 2 of 1976.] |
| 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. [10, Law 2 of 1976.] |
| 37A.
| | Copies of Gazettes containing vesting Orders and divesting Orders to be transmitted to the Registrar of Lands who shall duly register them. [11, Law 2 of 1976.] |
| 38.
| | Taking possession of property vested in or requisitioned for the Corporation. |
| 38A.
| | Provisions of sections 38 and 39 to apply mutatis mutandis to taking possession of property belonging to the Corporation on termination of agreement of hire or lease ( 12, Law 2 of 1976.] |
| 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 Stale property to the Corporation. |
| 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. |
| 48A.
| | In determining compensation, certain buildings not to be taken into account and certain deductions to be made. |
| 49.
| | Proportionate payment of compensation, and interest on compensation, until date of payment. |
| 50.
| | When compensation in respect of vested properly 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.[ 4. Law 50 of 1973.] |
| 54A.
| | Compensation payable in respect of property vested in or requisitioned for the Corporation on or after August 1,1970-[5. Law 50 of 1973.] |
| 54B.
| | Power of the Chairman of the Board of Directors to pay advances on account of compensation. [5, Law 50 of 1973.] |
| 54C.
| | Finality as to payment of compensation. [5, Law 50 of 1973.] |
| 55.
| | Constitution of the Compensation Tribunal. [6. Law 50 of 1973.] |
| 56.
| | Remuneration of members of the Tribunal and expenses of the Tribunal. [7, Law 50 of 1973.] |
| 57.
| | Meetings of the Tribunal [8, Law 50 of 1973.] |
| 58.
| | Proceedings before Tribunal. [ 9, Law 50 of 1973.] |
| 59.
| | Power to summer witnesses, &c. [10, Law 50 of 1973.] |
| 60.
| | Persons giving evidence bound to stale 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. |
| 68.
| | Regulations. |
| 69.
| | Offences and penalties. |
| 70.
| | Power of Board of Directors to compound claims. |
| 70A.
| | Corporation exempted from the provisions of the Prescription Ordinance. [15, Law 2 of 1976.] |
| 71.
| | Liability of directors and certain officers of a body corporate for offence committed by that body. |
| 72.
| | Provisions 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 properly of a member of the Corporation. |
| 76.
| | This Act to prevail over other written laws. |
| 77.
| | Rectification of failures and omissions. |
| 78.
| | Interpretation, |
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