Sri Lanka Consolidated Acts

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Ceylon Petroleum Corporation Act (No. 28 of 1961)


           Long Title

   1.	   Short title  
   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  

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