Ceylon Petroleum Corporation (Amendment) Law (No. 2 of 1976)

Sri Lanka Consolidated Acts

Amendment of section 6 of the Ceylon Petroleum Corporation Act, No. 28 of 1961

2. Section 6 of the Ceylon Petroleum Corporation Act, hereinafter referred to as the " principal enactment ", is hereby amended as follows: -

(1) by the relettering of paragraphs (-i), (j), (k), (l) and (m) of that section as paragraphs (m), (n), (o), (p) and (q) respectively; and

(2) by the insertion, immediately after paragraph (h) thereof, of the following new paragraphs : -

	(i) with the approval of the Government, to promote any subsidiary organization in Sri Lanka or abroad which may in the opinion of the Board directly or indirectly promote the interests, or be conducive to the attainment of the objects, of the Corporation;

	(j) to purchase, charter, build or otherwise acquire, mortgage, sell, exchange and let out on hire or charter or otherwise deal with or dispose of, any tanker, bunker or vessel;

	(k) to contribute such sums of money as may be determined by the Board with the approval of the Minister given with the concurrence of the Minister in charge of the subject of Finance and the Minister in charge of the subject of Planning, to recognized institutions for the purpose of promoting technological, scientific and industrial research;

	(l) to give any guarantee, security or indemnity to, and to enter into any agreements with, any bank, Government department, local authority, or any other person in order to obtain any rights, concessions, or privileges that may seem to the Board to be conducive for the purposes of the Corporation;"