55.
| (1) Where the Registrar, has reasonable cause to believe that any licence contract or any amendment or renewal thereof-
| | (a) which involves the payment of royalties abroad; or | | |
| | (b) which by reason of other circumstances relating to such licence contract, | | |
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| (2) Where the Governor of the Central Bank on receipt of any communication under subsection (1) informs the Registrar in writing that the said licence contract or any amendment or renewal thereof is detrimental to the economic development of Sri Lanka the Registrar shall cancel and invalidate the record of such contract in the register. |
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Sri Lanka Consolidated Acts