12. In this Act, unless the context otherwise requires -"Competent Authority" means a Competent Authority appointed under section 3 ;"person" includes any body of persons corporate or unincorporate;"privatised public enterprise" means a company all the shares of which were allotted to the Secretary to the Treasury in terms of subsection (3) of section 2 of the Conversion of Public Corporations or Government Owned Business undertakings into Public Companies Act, No. 23 of 1987, and-
| (a) where all or the, majority of such shares have been transferred by the Secretary to the Treasury prior to January 10,1996 to any other person irrespective of subsequent transfers if any ; or |
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| (b) the Government has ceased to have effective control of the administration and management of the affairs of such company; |
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"public corporation" means any corporation, board or other body which was or is established by or under any written law other man the Companies Act, No. 17 of 1982, with funds or capital wholly or partly provided by the Government by way of grant, loan or otherwise. |
Sri Lanka Consolidated Acts