17. In this Act, unless the context otherwise requires-" business undertaking " means any undertaking of a commercial, industrial, agricultural or professional nature and includes-
" date of transfer ", when used in relation to a business undertaking acquired for the Government by agreement, means the date of acquisition of that undertaking;| (i) all property, movable or immovable, which was used for the purposes of the undertaking on the day immediately preceding the date of transfer or the primary vesting date and which may be specified by the Minister of Finance in the primary vesting Order; |
|
| (ii) subject to the provisions of this Act, all rights, powers, privileges and interests arising in or out of such property or business and all the liabilities of that undertaking; |
|
| (iii) all books, accounts and documents relating or appertaining to the business undertaking or any property of that undertaking; |
|
" proprietor ", when used in relation to a business undertaking, means the owner of that undertaking or any other person authorized by the owner to enter into contracts for the purposes of that undertaking;" relevant Minister ", when used in relation to a business undertaking, means the Minister at whose request that business undertaking was acquired for, or vested in, the Government by the Minister of Finance under this Act;" vesting Order " means a primary vesting Order or a subsidiary vesting Order. |
Sri Lanka Consolidated Acts