3.
| (1) With effect from the date of publication of the Incorporation Order in the Gazette (in this section referred to as "the relevant date") the business undertaking to which the Incorporation Order relates shall vest absolutely in the Corporation established by that Incorporation Order. For the purposes of this section" business undertaking" means
| | (a) all property, movable or immovable, vested in the State and used for the purposes of that undertaking on the day immediately preceding the relevant date; . | | |
| | (b) all rights, powers, privileges and interests arising in or out of such property or business and all the liabilities of that undertaking; | | |
| | (c) all books, accounts and documents relating or appertaining to the business undertaking or any property of that undertaking ; | | |
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| (2) Without prejudice to the generality of subsection (1)
| | (a) all property, movable or immovable, vested in the State and used on the day immediately preceding the relevant date for the purposes of the business undertaking to which the Incorporation Order relates shall vest, with effect from the relevant date, in the Corporation established by the Incorporation Order; | | |
| | (b) all liabilities of that business undertaking subsisting on the day immediately preceding the relevant date shall, with effect from the relevant date, be deemed to be the liabilities of that Corporation; | | |
| | (c) all officers and servants of that business undertaking all the day immediately preceding the relevant date who are not offered employment with the Corporation or who do not accept any such offer of employment shall be entitled to the payment of such compensation and gratuity as may be determined by the Cabinet of Ministers; | | |
| | (d) all contracts and agreements entered into for the purposes of that business undertaking and subsisting on the day immediately preceding the relevant date shall be deemed, with effect from the relevant date, to be contracts and agreements entered into by that corporation; | | |
| | (e) all actions and legal proceedings instituted by, or against, such business undertaking or the Attorney General as representing such business undertaking and pending on the day immediately preceding the relevant date shall be deemed, with effect from the relevant date, to be actions and legal proceedings instituted by, or against, that Corporation and may be continued and enforced accordingly. | | |
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Sri Lanka Consolidated Acts