2.
| (1) Each petroleum compensation agreement to which this Act applies shall be deemed, at all times. to have been, and to be, duly entered into, notwithstanding anything to the contrary in the provisions of any written law (other than this Act), and accordingly-
| | (a) the Minister of Finance, or any person authorized by such Minister in that behalf, shall be deemed, at all times, to have had, and to have, power and authority, on behalf of the Government, to have signed such agreement and all documents connected therewith, and to have done and to do all such acts or things as may have been and may be necessary for the purpose of entering into and implementing such agreement; | | |
| | (b) the Ceylon Petroleum Corporation, or the Chairman of such Corporation or any of its officers or servants, shall be deemed, at all times, to have had, and to have, power and authority, on behalf of such Corporation, to have done and to do all such acts or things as may have been and may be necessary for that purpose, and in particular, but without prejudice to the generality of the preceding provisions of this paragraph, to have paid and to pay out of the funds of such Corporation all such sums of money as are paid or caused to be paid in the implementation of such agreement; | | |
| | (c) the Compensation Tribunal established or constituted under the provisions of the Ceylon Petroleum Corporation Act shall be deemed, at all times, not to have had, and not to have,, any power or authority or jurisdiction to hear or determine any claim for compensation in respect of any assets which are a subject-matter of such agreement, and any such claim shall be deemed, for all purposes, to have abated on the relevant date; | | |
| | (d) it shall be deemed, at all times, to have been and to be, the duty of the Chairman or Secretary of the Compensation Tribunal, on being requested so to do by or on behalf of the Ceylon Petroleum Corporation, to have returned, and to return, to such Corporation all instruments or documents in the custody of the Compensation Tribunal relating to any assets which are a subject-matter of such agreement; | | |
| | (e) such agreement shall be deemed, on and after the relevant date, to have been, and to be, binding on the Government, the Ceylon Petroleum Corporation and the foreign-owned petroleum company which is a party to such agreement in regard to all matters in respect of which provision is made in such agreement; | | |
| | (f) any right, title or interest of such foreign-owned petroleum company in or over any of the assets which are a subject-matter of such agreement shall be deemed, on and after that date, to have been transferred to and vested in such Corporation; and | | |
| | (g) the full implementation of such agreement by the Government and the Ceylon Petroleum Corporation shall be deemed, on and after that date, to have constituted and to constitute, a full and final settlement of all matters in regard to which provision is made in such agreement. | | |
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| (2) The Minister of Finance may, by general or special Order published in the Gazette, make such provision as may be necessary for the purpose of fully implementing each petroleum compensation agreement to which this Act applies including in particular, but without prejudice to the generality of the preceding provisions of this subsection, provision that such Order shall have effect in respect of periods prior to the date of the commencement of this Act. |
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| (3) Every Order made under the preceding provisions of this section shall come into force on the date of its publication in the Gazette and shall, as soon as convenient after such publication, be brought before the House of Representatives for approval. Any such Order which is so approved shall have the force and effect of law in Ceylon, and accordingly shall be as valid and effectual as though it were herein enacted. Any such Order which is not so approved shall be deemed to be revoked with effect from the date of its disapproval but without prejudice to the validity of anything previously done hereunder. |
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Sri Lanka Consolidated Acts