25.
| (1) All trust property held by the Trustee under the Development Lotteries Trust created on May 25th, 1993 (hereinafter referred to as the "Trust") on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to vest in, and to be, the property of the Board, free from any trust attaching thereto. |
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| (2) All contracts entered into by the Trustee of the Trust created on May 25th, 1993 and subsisting on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to be contracts of the Board. |
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| (3) The liabilities incurred by the Trustee of the Trust and subsisting on the day immediately preceding the date of commencement of this Act shall, with effect from the date of commencement of this Act, be deemed to be the liabilities of the Board. |
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| (4) Every person employed by the Trustee of the Trust for the purposes of the Trust and in employment on the day immediately preceding the date of commencement of this Act, shall be offered employment in the Board on terms not less favorable than the terms enjoyed by him in the service of the Trust, on the day immediately preceding the date of commencement of this Act. |
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Sri Lanka Consolidated Acts