12.
| (1) The Minister of Finance may, of his own motion or at the request of the relevant Minister, make regulations for the purpose of carrying out or giving effect to the principles and provisions of this Act in relation to any business undertaking acquired by or vested in the Government. Such regulations may contain such incidental, consequential and supplementary provisions as may be necessary or proper for giving full effect to the principles and provisions of this Act. |
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| (2) In particular and without prejudice to the generality of the powers conferred by sub-section (1), the Minister of Finance of his own motion or at request of the relevant Minister may, in relation to any business undertaking acquired by or vested in the Government, make regulations in respect of the following matters:-
| | (a) the management and administration of the affairs of that undertaking; | | |
| | (b) the term of office and the powers and duties of a competent authority; | | |
| | (c) the payments to be made in respect of any business undertaking or property acquired or requisitioned by or vested in the Government and any matter regarding the assessment of the amount of the payments and mode of making such payments; and | | |
| | (d) the prevention of the theft of, or damage to, or the commission of any nuisance on, any property acquired by or vested in the Government. | | |
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| (3) Every regulation made by the Minister of Finance shall be published in the Gazette and shall come into operation on the date of such publication or on such later date as may be specified in the regulation. |
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| (4) Every regulation made by the Minister of Finance shall, as soon as convenient after its publication in the Gazette, be brought before the Senate and the House of Representatives for approval. Any regulation which is not so approved shall be deemed to be rescinded as from the date of disapproval but without prejudice to anything previously done thereunder. |
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| (5) Notification of the date on which any regulation is deemed under sub-section (4) to be rescinded shall be published in the Gazette. |
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Sri Lanka Consolidated Acts