3. The following new sections are hereby inserted immediately after section 2, and shall have effect as sections 2A, 2B and 2C, of the principal Act: -
| 2A. The Establishment shall have the power to do anything necessary for, or conducive or incidental to, the attainment of its objects, and in particular, but without prejudice to the generality of the power hereinbefore conferred, to invest, or acquire or hold shares or stock in any public company carrying on or engaged in or about to carry on or engage in any business, being a company having objects similar or substantially similar to the objects of the Establishment: Special provision as to directors of companies referred to in section 2A. Provided, however, that no such investment, acquisition or holding shall be made or entered into unless the Establishment acquires thereby a controlling interest in the company. |
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| 2B. The directors of every such company referred to in section 2A shall be citizens of Ceylon who shall not be Members of the Senate or the House of Representatives. |
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| 2C. The Minister shall report to the House of Representatives every investment, or acquisition or holding of shares and stock, in any company referred to in section 2A and such investment, acquisition or holding shall be deemed to have been approved unless specifically disapproved by the House of Representatives within two months of the date on which the information was so reported.". |
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Sri Lanka Consolidated Acts