Ceylon Shipping Corporation Act (No. 11 of 1971)

Sri Lanka Consolidated Acts

Vesting of the assets and liabilities of the Ceylon Shipping Corporation Limited in the Corporation

40.

(1) On the date of the establishment of the Corporation,-

	(a) all the assets and liabilities of the Ceylon Shipping Corporation Limited at their book values as they appear in the audited accounts of the Ceylon Shipping Corporation Limited at that date shall vest in the Corporation and shall be the assets and liabilities of the Corporation; and

	(b) the Ceylon Shipping Corporation Limited shall cease to carry on business, and shall be deemed to be dissolved.

(2) For the purposes of this section -

	(a) the term " assets " includes property or rights of any kind; and

	(b) the term " liabilities " includes contracts, commitments and other obligations.