46.
| (1) The Minister shall submit a copy of the scheme prepared under section 45 to the Cabinet of Ministers for its approval. |
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| (2) Upon the approval by the cabinet of Ministers of the scheme and the incorporation of the companies proposed in the scheme, the Minister shall, in consultation with the Minister in charge of the subject of Finance direct the Registrar of Companies, under subsection (1) of section 2 of the Conversion of Public Corporation or Government owned Business Undertaking into Public Companies Act, No. 23 of 1987, to incorporate -
| | (a) one company to take over the functions of the Ceylon Electricity Board relating to hydro electric generation and thermal electricity generation ; | | |
| | (b) one company to take over the functions of the Ceylon Electricity Board relating to transmission and bulk procurement of electricity ; | | |
| | (c) three or more distribution companies ; | | |
| | (d) one or more companies to take over the other functions of the Ceylon Electricity Board and Lanka Electricity Company, | | |
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| (3) Orders relating to the incorporation of all the successor companies shall be published under subsection (2) of section 2 of the Conversion of Public Corporation or Government owned Business Undertaking into Public Companies Act, No. 23 of 1987 on the same date. |
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| (4) One or more successor companies may, by agreement and in so far their memoranda and articles of association permit them to do so, take over such of the functions of the Lanka Electricity Company as relate to their own functions. |
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Sri Lanka Consolidated Acts