| 1.
| | This Act may be cited as the Colombo Port City Economic Commission Act, No. 11 of 2021. |
| 2.
| | Establishment of the Colombo Port City Special Economic Zone |
| 3.
| | Establishment of the Colombo Port City Economic Commission |
| 4.
| | Master Plan of the Colombo Port City |
| 5.
| | Objectives of the Commission |
| 6.
| | Powers, duties and functions of the Commission |
| 7.
| | Composition of the Commission and appointment of the Chairperson |
| 8.
| | Term of office |
| 9.
| | Re-appointment, resignation and removal &c,. |
| 10.
| | Quorum and meetings of the Commission |
| 11.
| | No act or proceeding of
the Commission to be invalid by
reason of a vacancy or any defect in the
appointment of a member |
| 12.
| | Remuneration of Chairperson and members |
| 13.
| | Procedure if Chairperson or member has an interest in any person to whom
a licence has been issued under this Act |
| 14.
| | Commission to manage the Fund of the Commission |
| 15.
| | Audit of the accounts of the Commission |
| 16.
| | Maintenance of books and accounts |
| 17.
| | Commission to call for information |
| 18.
| | Delegation of the powers, duties and functions of the Commission |
| 19.
| | Administrative units of the Commission |
| 20.
| | Commission, its officers and
other employees not to be liable
for acts done in good faith |
| 21.
| | Expenses
incurred by the Commission in
any suit or proceeding |
| 22.
| | Expenses
incurred by a
member, officer,
&c,. of the
Commission in
any suit or
proceeding |
| 23.
| | Fund of the Commission |
| 24.
| | Appointment of the Director-General of the Commission |
| 25.
| | Powers, duties and functions of the Director-General |
| 26.
| | Authorised persons to be
permitted to engage in
business in and from the Area of
Authority of the Colombo Port City |
| 27.
| | Application for registration,
licence or authorisation or
other approval, as may be
required to engage in
business in and from the Area of
Authority of the Colombo Port City [2, 1 of 2026] |
| 28.
| | Commission may call for further information |
| 29.
| | No information which is false to be included in the application |
| 30.
| | Commission to function as the
Single Window Investment
Facilitator in relation to the
grant of any registration,
licence, authorisation or other approval
in terms of this Act |
| 31.
| | Registration,
licence, authorisation or
other approval to be granted by
the Commission to operate as an
authorised person |
| 32.
| | Commission required to enter into an agreement with every authorised person |
| 33.
| | Commission to
be the Single
Window
Investment
Facilitator for all
other permits
&c,. |
| 34.
| | Procedure for
the suspension,
revocation or
cancellation of
any registration,
licence,
authorisation or
other approval,
or any visa,
entry or work
permit or other
approval after
grant or issue of
the same |
| 35.
| | Authorised
person
permitted
to employ
a resident
or nonresident person [3, 1 of 2026]
|
| 36.
| | Authorised
person may maintain a
Sri Lanka Rupees Account
in a licensed commercial
bank in Sri Lanka to
convert Sri Lanka
Rupees as may be prescribed [4, 1 of 2026] |
| 37.
| | Authorised
person may apply to engage
in business in Sri Lanka with a
citizen of Sri Lanka or
resident of Sri Lanka, doing
business in Sri Lanka
outside the area of Authority of
the Colombo Port City |
| 38.
| | Lease of
Marketable
Land, or transfer
on freehold
basis, lease or
rent of
condominium
parcels, in
designated
foreign currency
(other than in
Sri Lanka
Rupees) |
| 39.
| | Lease of
Marketable Land, or transfer
on freehold basis, lease or
rent, of premises or condominium
parcels in Sri Lanka Rupees |
| 40.
| | A citizen or a
resident of Sri Lanka may
utilise facilities or services
within the Area of Authority of
the Colombo Port City |
| 41.
| | Registration of
companies as offshore companies for
the purposes of this Act |
| 42.
| | Licence required
to engage in offshore
banking business in and
from the Area of Authority of the
Colombo Port City [5, 1 of 2026] |
| 42A.
| | Application
of
international
banking
standards [6, 1 of 2026] |
| 42B.
| | Capital
adequacy
requirements [6, 1 of 2026] |
| 42C.
| | Risk
management
and
supervisory
review [6, 1 of 2026] |
| 42D.
| | Liquidity
requirements [6, 1 of 2026] |
| 42E.
| | Disclosure
and
transparency [6, 1 of 2026] |
| 42F.
| | Directives,
guidelines,
and
prudential
standards [6, 1 of 2026] |
| 43.
| | Suspension,
revocation or cancellation of a licence [7, 1 of 2026] |
| 44.
| | President to
make regulations
applicable to offshore
banking business in and
from the Area of Authority of the
Colombo Port City |
| 45.
| | [8, 1 of 2026] |
| 46.
| | Nature of
business
that may be
conducted
by a person
issued with
a licence to
carry on
offshore
banking
business [9, 1 of 2026] |
| 47.
| | A financial statement required by every company to whom a licence has been issued |
| 48.
| | Audit of accounts [10, 1 of 2026] |
| 49.
| | [11, 1 of 2026] |
| 50.
| | Maintenance of books and accounts |
| 51.
| | Power of Monetary Board to call for information |
| 51A.
| | This Part
not to apply
to banks
licensed
under the
Banking
Act [12, 1 of 2026] |
| 52.
| | Grant of exemptions or
incentives to Businesses of
Strategic Importance [13, 1 of 2026] |
| 52A.
| | Ex-post
monitoring
of
Businesses
of Strategic
Importance [14, 1 of 2026] |
| 52B.
| | Notice to
show cause [14, 1 of 2026] |
| 52C.
| | Filing of
tax
returns [14, 1 of 2026] |
| 52D.
| | Annual
report
of tax
expenditures
for the
Businesses
of Strategic
Importance [14, 1 of 2026] |
| 52E.
| | Review [14, 1 of 2026] |
| 53.
| | Details of Businesses of Strategic Importance to be specified by Order [15, 1 of 2026] |
| 54.
| | Application of
the Condominium
Management
Authority Law
and the Apartment
Ownership Law
within the Area
of Authority of
the Colombo Port City |
| 55.
| | Commission
may seek the concurrence of
the Condominium Management Authority |
| 56.
| | Operation of
stock exchange or market,
within the Area of Authority of
the Colombo Port City |
| 57.
| | Application of
the Securities
and Exchange
Commission Act
within the Area
of Authority of
the Colombo
Port City |
| 58.
| | Commission to
seek concurrence of the Securities and Exchange Commission |
| 59.
| | Estate Manager |
| 60.
| | Powers of the Estate Manager |
| 61.
| | Estate Manager to be an authorised person |
| 62.
| | Facilitation of
establishing an International
Commercial Dispute
Resolution Centre |
| 63.
| | Courts to give
priority to legal proceedings |
| 64.
| | Authorised person to be
permitted to engage in
business outside the Area of
Authority of the Colombo Port
City as an interim measure |
| 65.
| | Any transfer,
lease or agreement executed by the Urban Development Authority to be deemed to be documents
executed by the Commission |
| 66.
| | Agreements
entered into by the Board of
Investment of Sri Lanka to be
deemed to be agreements
entered into by the Commission |
| 67.
| | Registration, licence, authorisation &c,. granted under this Act to continue without amendment or termination till the expiry |
| 68.
| | Offences |
| 69.
| | Offences by a body of persons |
| 70.
| | Recovery of surcharges and penalties |
| 71.
| | Regulations [16, 1 of 2026] |
| 72.
| | Rules to be published in the Gazette |
| 73.
| | Certain enactments to have no
application within the Area of Authority of
the Colombo Port City |
| 74.
| | Nothing deemed to restrict the powers, duties and functions vested in regulatory authority |
| 75.
| | Interpretation [17, 1 of 2026] |
| 76.
| | Sinhala text to prevail in case of inconsistency |
|